Gold: New records in the big picture – Credit Suisse
Analysts at Credit Suisse have been major long term Gold bulls since signs of a major base in June 2019 became apparent. XAU/USD is trading at 1572.80.
“The market is consolidating and is now triple bearishly divergent in the short term, suggesting a pause or potentially even a correction.”
“Resistances above $1700/05 are eventually seen at $1734, the 78.6% retracement of the 2011/15 downmove, then the $1796/1803 corrective highs from 2011/12. Big picture, we still look for new record highs above $1921.”
“Imminent support moves to $1567/63, the 50% Fibonacci retracement of the whole November 2019/February 2020 upmove.”
“More of a concern would be a drop below $1548/36, as a break below here would likely complete a top, which is not our base case.”