Gold Price Forecast: XAU/USD to see a meaningful long-term break higher above $2,070/75 – Credit Suisse

Gold maintains a large base. Strategists at Credit Suisse expect the yellow metal to stretch higher.

Important support is located at $1,729

“We look for further strength to the 61.8% retracement of the 2022 fall and June 2022 high at $1,878/1,896. Whilst we look for this to cap at first, above would raise the prospect of further strength in the broader range to resistance next at $1,973/98, with a fresh cap expected here.” “Only above $2,070/75 would suggest we are seeing a significant and meaningful long-term break higher.” 

“Support is seen at $1,780 initially, and then more importantly at the ‘neckline’ to the base at $1,729.”