Gold Price Forecast: XAU/USD looks for further strength after crucial break of 200DMA – Credit Suisse Gold XAUUSD Banks
Gold has cleared its 200-Day Moving Average at $1,790. Economists at Credit Suisse expect the yellow metal to enjoy further gains.“Gold has finally cleared the crucial 200DMA, currently seen at $1,790 and with an existing base in place we look for further strength to the 50% retracement of the 2022 fall at $1,843 next, then the $1,877/1,896 June high and 61.8% retracement.”
“Support is seen at $1,778 initially, with $1,766 ideally now holding to keep the immediate risk higher. Below can see a retest of the ‘neckline’ to the base at $1,729 but with fresh buyers expected here.” Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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