Gold Price Analysis: XAU/USD to reach the $2075 record high on a break above $1959/66 – Credit Suisse

Gold (XAU/USD) looks to be establishing itself back above its 200-day average at $1843. Strategists at Credit Suisse expect the yellow metal to advance towards the $1959/66 neighborhood.

See – Gold Price Analysis: XAU/USD to rise towards the $1950-$1967 resistance zone – DBS Bank

Bullish positioning is starting to rise

“Gold now looks to be establishing itself above its 200-day average, now at $1843 and in an ideal world we see a fresh test and hold of this average to reinforce this as a floor for a move to resistance seen next at the high for the year and November 2020 high at $1959/66.” 

“Whilst we would expect a fresh phase of consolidation beneath the $1959/66 region, an eventual break should open the door to a move back to the $2075 record high.”

“A close below $1843 would reinforce a sideways trend but with a move below $1764 needed to warn of a retest of $1682/71.”

“CFTC data shows a potential small base in speculator positioning from much ‘cleaner’ levels.”