Gold remains capped by the 200-Day Moving Average (DMA) at $1,801. A move above here is needed to open up further gains toward the $1,877 June high, strategists at Credit Suisse report.

Beak back below the 55DMA at $1,685 to inject fresh downside momentum

“A break back below the 55DMA at $1,685 is needed to inject fresh downside momentum into the market again, with next supports seen at the recent YTD low at $1,614, before the 50% retracement of the whole 2015/2020 upmove seen at $1,560.”

“Above the 200DMA at $1,801 is needed to open the door for a potential rise toward the $1,877 June high, as well as reassert a broad consolidation phase.”