Gold has stabilized above the 100-Day Moving Average, with further ranging expected for now, economists at Credit Suisse report.

$2,063/75 record highs posted in 2020 and 2022 will prove a tough barrier

Gold has moved into a range over the past week, helped by the stabilization in US Real Yields and after the hold above the 100-DMA at $1,940. Although this is not an average we typically track, it did floor the market during the February setback earlier this year. 

Going forwards, we still expect pivotal resistance at the $2,063/75 record highs posted in 2020 and 2022 will prove a tough barrier given the tiring short-term momentum picture, with a triple bearish momentum divergence still in place. This suggests further rangebound price action is the most likely outcome for now.