Gold struggles to resume uptrend, poor momentum – Credit Suisse

Gold is struggling to resume the uptrend with momentum still poor but strategists at Credit Suisse think the yellow metal will eventually pop higher to test the $1800.

Key quotes

“Gold is struggling to extend its uptrend with poor momentum and current lack of falling real yield support weighing on the market. Further consolidation should be allowed for, but we look for the bull trend to resume in due course post this phase for a test of $1796/1803 next.” 

“Big picture, as per our original spotlight from June 2019 we continue to eventually look for new highs above $1921, with resistance then seen next at $2000, then $2075/80.”

“Support at $1660 needs to hold to avoid a near-term top.”