• No reasons for oil to fall to or below zero now
• We can see first signs of recovery in the oil market
• Nobody is interested in breaking OPEC+ deal now
• Full compliance may be difficult for some countries
• Violation of OPEC+ deal would bring new collapse in oil
• Global oil demand fall eased to 21.5-27 mln bpd now from decline of 30 mln bpd
  
• Second wave of economic slowdown is not ruled out, including U.S. trade war with China

FXStreet reports that near-term, strategists at Credit Suisse see signs the trend is tiring to warn of a potential consolidation phase.

"Gold continues to struggle 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 and 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, then what we expect to be better supported at $1569/65."