XAU/USD is expected to rally further – Credit Suisse

Os Tuesday, Gold XAU/USD registered its highest daily close since April. Strategists at Credit Suisse expect the yellow metal to enjoy further gains.

Initial support aligns at $1,897

“Gold is expected to extend its rally to resistance next at the 78.6% retracement of the 2022 fall and April 2022 high of $1,973/98, with a fresh cap expected here.” 

“Only above the $,2070/75 record highs of 2020 and 2022 would suggest we are seeing a significant and meaningful long-term break higher with resistance levels then seen at $2,300, then $2,500.”

“Support is seen at $1,897 initially, below which can see a pullback to $1,825.”