XAU/USD ideally continues to hold key support at $1,898/$1,893 – Credit Suisse

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Gold weakness has extended back to key support at $1,898/1,893 but strategists at Credit Suisse continue to look for a floor here.

Weekly close below $1,893 would reinforce the longer-term sideways range

We look for key support and the 38.2% retracement of the 2022/2023 uptrend, 200-DMA and June low at $1,900/$1,891 to hold again and we maintain our long-held view for a major floor here and for an eventual retest of major resistance at the $2,063/$2,075 record highs to be seen. 

We still stay biased to an eventual break to new record highs later in the year, which would then be seen to open the door to a move to $2,150 next, then $2,355/$2,365. 

A weekly close below $1,893 though would be seen to reinforce the longer-term sideways range, and a fall to support next at $1,810/$1,805.