Gold: Struggling to retain upside momentum – Credit Suisse

The Gold rally is losing momentum, but strategists at Credit Suisse continue to look for eventual new record highs.

Key quotes

“Gold is struggling 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 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.”

“Big picture, we continue to look for new highs above $1921.”