Gold is seeing a minor setback but remains above the 55-Day Moving Average (DMA) at $1,844, which should act as the bottom of a short-term range for now, according to strategists at Credit Suisse

Crucial support aligns at $1,776

“Gold has stalled in the short-term, in line with our view from last week that the market could see a lengthier pause below this level. However, the market has managed to remain above the 55-DMA, currently seen at $1,844, which should act as the bottom of a short-term range for now.” 

“From a more medium-term perspective, only above the $2,070/72 record highs of 2020 and 2022 would suggest we are seeing a significant and meaningful long-term break higher, with resistance levels then seen at $2,300, then $2,500. This is not our base case for now though.”

“Support is seen at $1,844 initially, where the 55-DMA is hovering, before the crucial 200-DMA, currently seen at $1,776.”