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Gold to extend the consolidation phase ahead of new highs – Credit Suisse

FXStreet reports that gold consolidation extends, but with new highs eventually expected as the yellow metal holds the $1837 support, strategists at Credit Suisse apprise.

“Gold extends its consolidation/correction following the move to our base case objective of $2075/80 in August, but is still holding flagged support at $1837, the 38.2% retracement of the rally from March.” 

“We look for the $1837 support to continue to hold to maintain the sideways range ahead of a break above $1993 for a fresh look at $2075. An eventual move above here stays looked for a resumption of the core bull trend with resistance seen next at $2175, then $2300, although we continue to believe this will not be seen until next year.”

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