Gold Price Forecast: XAU/USD to surge towards the $2,075 record high on a weekly close above $1,917/23 – Credit Suisse

The core trend for gold is trying to turn higher. Strategists at Credit Suisse still expect the yellow metal to close the week above $1,917/23 which would raise the prospect of a move back to the $2,075 record high.

Gold to see further sideways ranging on a move below $1,878/77

“Gold is struggling to see a weekly close above the June 2021 high and retracement resistance at $1,917/23 but our bias stays higher for this to eventually be achieved to add momentum to the rally to confirm a base has indeed been established to raise the prospect of a move back to the $2075 record high.”

“Below support at $1,878/77 would warn of a ‘false’ break higher and further sideways ranging.”