Gold has achieved Credit Suise’s target/support zone at $1,900/1,890, and the bank looks for a floor here.
A weekly close below $1,862 would be seen to reinforce the longer-term sideways range
Gold has achieved our target of price support and the 38.2% retracement of the 2022/2023 uptrend at $1,900/1,890. With the key rising 200-DMA seen not far below at $1,862, our bias remains for a major floor to be found here.
We thus look for $1,862 to hold on a closing basis for strength back to the 55-DMA at $1,968 initially, then a retest of major resistance at the $2,063/2,075 record highs. We still stay biased to an eventual break to new record highs later in the year, which would then be seen to open the door to a move above $2,300.
A weekly close below $1,862 though would be seen to reinforce the longer-term sideways range, and a fall to support next at $1,810/05.
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