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Gold is above its 200-Day Moving Average at 1,785. Economists at Credit Suisse expect the yellow metal to extend its rise towards $1,876/96.
Gold to outperform the broader commodity complex
“Whilst we see room for further tactical gains towards $1,876/96 and potentially beyond, the overall environment remains choppy, which keeps our broader technical outlook neutral.”
“With Bloomberg Commodity TR Index (BCOM) weakening and Gold stabilizing, the precious metal has already made some gains relative to the broader commodity index and with a base in relative terms now seen in place, we believe the technical evidence suggests that Gold is likely to continue outperforming BCOM over the coming 6-12 months.”
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