Market news

9 June 2021

Lower US Real Yields to lift gold towards $1943/66 – Credit Suisse

FXStreet reports that the Credit Suisse analyst team expects that lower US Real Yields should help XAU/USD.

“Gold has seen its expected pullback to its 200-day average, now at $1841 and this is holding as expected. We stay biased higher and look for this to continue to hold for a move to resistance seen at the high for the year, November 2020 high and potential trend resistance at $1943/66.” 

“Whilst we would expect $1943/66 to cap again for now to maintain the broader consolidation range, an eventual break should open the door to a move back to the $2075 record high.”

“A close below $1841 would reinforce a sideways trend but with a move below $1809/05 needed to warn of a retest of the ‘neckline’ to the recent base at $1765/55.”

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