FXStreet reports that according to analysts at Credit Suisse, Brent Crude Oil is similarly holding multi-year support at $16.65/14.53, although the trend stays down.

“Although the overall downtrend remains intact, we look for an attempt to find a floor at the $16.65/14.53 multi-year support. Strong resistance though will be expected though at $26.50/27.00.”

“Below $14.53 would warn of a further significant deterioration, with support next at $12.33, then the $9.55 low of 1998.”

FXStreet notes that the Gold rally is losing momentum, but strategists at Credit Suisse continue to look for eventual new record highs.

“Gold is struggling to hold its move above its ‘measured base objective’ at $1700/05 and upside momentum is waning near-term and the threat of a consolidation phase is growing.” 

“Support at $1660 needs to hold to see this averted to keep the immediate risk higher still with resistance at $1796/1803 next.”

“Below $1660 would signal a more protracted consolidation phase, with support seen initially at $1638.”

“Big picture, we continue to look for new highs above $1921.”