Gold up $2 to $1951 today
Credit Suisse maintains a long-term bullish bias on gold targeting a move towards $2300.
"Gold extends its consolidation from our $2075 target hit in August and we maintain our core view this is a temporary and corrective pause in the broader uptrend," CS notes.
"Indeed, price action is beginning to increasingly look like a bullish "wedge" continuation pattern, adding weight to our view. Key support stays seen intact at $1837 - the 38.2% retracement of the 2020 rally - and our bias remains for this to continue to hold. Above $1933 would now suggest the "wedge" has been completed for strength back to $2016, then the $2075 high. Big picture, we continue to look for $2300," CS adds.
