Gold continues to improve, but still has more work to do to mark an important break higher, in the opinion of strategists at Credit Suisse.

Break below $1,821 to alleviate upside pressure

“Gold has strengthened sharply and is above rising short, medium- and long-term averages and the spotlight is firmly on the $1,877 high of November. Only a weekly close above here though would suggest we are seeing a more sustainable move higher, for a test of $1,917 next. Above this latter level though would be seen to add momentum to a rally, raising the prospect of a move back to the $2075 high.”

“Below $1,821 is needed to ease the immediate upward bias but with a move below $1,780 needed to clear the way for a retest of key price and retracement support from the lower end of the range at $1,691/76.”

See – Gold Price Forecast: XAU/USD to climb as high as $1,923/1,930 – SocGen