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Economists at Credit Suisse analyze Gold (XAU/USD) technical outlook.
Gold is moving below support from its 100-DMA and with a minor top in place we see scope for further weakness to price and retracement support at $1,900/1,890, potentially as far as the 200-DMA at $1,850/49.
Our bias would then be for a major floor to be found here for strength back to $1,985 initially, then a retest of major resistance at the $2,063/2,075 record highs. We still stay biased to an eventual break to new record highs later in the year.
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