- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAUUSD still points to the downside while below 200DMA at $1,803 – Credit Suisse
Gold Price Forecast: XAUUSD still points to the downside while below 200DMA at $1,803 – Credit Suisse
Gold has rebounded further but still remains below the 200-Day Moving Average at $1,803. Therefore, strategists at Credit Suisse stick to their bearish bias.
200-DMA at $1,803 to cap further upside for now
“Gold has rebounded further and is now hovering solidly above the 55DMA at $1,680, hence questioning the validity of the large ‘double top’.”
“A break back below the 55DMA is needed to inject fresh downside momentum into the market again, with next supports seen at the recent YTD low at $1,614, before the 50% retracement of the whole 2015/2020 upmove seen at $1,560.”
“The 200DMA, currently seen at $1,803, is expected to cap further upside for now. However, above would open the door for a potential rise toward the $1,877 June high next.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
