Gold is still stalling, but strategists at Credit Suisse stay biased towards an eventual move to new record highs above $2,070/75.

Support aligns at $1,969/66

“We look for the $2,070/2,075 record highs posted in 2020 and 2022 to remain a formidable barrier for now for further sideways consolidation.”

“Post the current ranging phase, we believe the market will eventually move to new record highs, supported by lower US Real Yields. With this in mind, 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 $2,330/2360.” 

“Support is seen at $1,969/66, which includes the 55-DMA, below which would point to a more decisive rejection of the $2,075/70 highs.”