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Nov 06 - 12:55 PM

Gold: A Bullish Wedge Continuation Pattern; We Stay Long-Term Bulls For $2300 - Credit Suisse

By eFXdata  —  Nov 06 - 10:45 AM

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.

Source:
Credit Suisse Research/Market Commentary

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