Gold is still stalling in a range from just ahead of pivotal resistance from its $2,070 and $2,075 record highs. But economists at Credit Suisse stay biased towards an eventual move to new record highs.

Initial support is seen at $1,969 

“With short-term momentum decisively rolling over after previously showing a bearish divergence, we look for the $2,070/2,075 highs to remain a formidable barrier.”

“Support is seen at $1,969 initially, beneath which would confirm a deeper pullback to $1,950/34, which includes the 55-DMA, which we would look to hold if reached.”

“Post the current ranging phase, we believe the market will eventually move to new record highs, supported by lower US Real Yields. Above $2,075 on a weekly closing basis would be seen to mark a significant break higher, opening up a move to our first core upside objective at $2,330/2,360.”