FXStreet notes that gold (XAU/USD) has again held key in-range support at $1765/55. Strategists at Credit Suisse look for a fresh swing higher in the range.

“Gold has again held price support at $1765/55, and we look for strength back to the 200-day average at $1829. A close above here is needed to open the door to a move back to more important resistance at $1940/66.”

“A close below $1755/51 would warn of a retest of more important support at $1682/71.”

According to The Wall Street Journal (WSJ), behind the standoff inside OPEC over whether to increase the oil production is the United Arab Emirates (U.A.E.), a key cartel member, with its new strategy: sell as much crude as possible before demand dries up.

The new strategy of the U.A.E., as described by officials familiar with the matter, represents one of the most significant shifts in oil policy by a major Mideast petrostate. For years, the region’s oil-producing governments have said they aren’t worried about finding crude buyers far into the future, the WSJ notes. The U.A.E. holds some of the world’s largest untapped crude reserves.

“This is the time to maximize the value of the country’s hydrocarbon resources, while they have value,” told WSJ a person briefed on the U.A.E.’s new strategy. “The aim of the investment is to generate revenue for the diversification of the economy, both for investment in new energy and, as importantly, in new revenue streams.”

According to people familiar with the new tack, the country wants to pump and sell as much as it can now, when demand and prices are strong. Proceeds will help it wean its economy off oil.

FXStreet notes that gold (XAU/USD) has seen recovery just ahead of the 2019-2021 uptrend line at $1739. While underpinned here, the bias of analysts at Commerzbank is bullish.

“Gold has bounced ahead of the $1739 2019-2021 uptrend line. While above there we will retain our longer-term upside bias.” 

“Rallies will find initial resistance offered by the 200-day ma at $1829 and the $1857.25 4th June low. This guards the June high at $1916.91 and Fibo at $1921.” 

“Longer-term we still target the $1959/65 November 2020 high and the 2021 high. These guard the $1989/78.6% retracement and the $2072 2020 peak."