Gold continues to improve but still has more work to do to mark a major breakout to the upside, according to the opinion of Credit Suisse strategists.
A break below $1,821 would relieve bearish pressure.
“Gold has strengthened considerably and is above short, medium and long-term rising averages with the spotlight firmly on the $1,877 November high. However, just a weekly close above here would suggest that we are looking at a more sustainable move higher, for a test of $1,917 below. However, above this latest level, it would be seen to add momentum to a rally, raising the possibility of a move back to the $2,075 high.”
“A drop below 1,821 is needed to alleviate the immediate bullish bias, but a move below 1,780 is needed to clear the way for a retest of key price and retracement support from the bottom of the range at 1,691/ $76″.
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
