Gold Price Forecast: XAU/USD eyes a consolidate phase as 200DMA caps – Credit Suisse
|Gold remains capped by the 200-Day Moving Average (DMA) at $1,797. Strategists at Credit Suisse expect a consolidation phase to emerge from here.
Break above 200DMA needed to open the door to a more meaningful recovery
“Gold holds a minor base but remains capped so far by the crucial 200DMA, currently seen at $1,797 and we expect a consolidation to emerge from here.”
“Below support at $1,729 is needed to ease the immediate upward bias in the range, but with a break back below the 55DMA at $1,688 needed to inject fresh downside momentum into the market again for a retest of the YTD low at $1,614.”
“Above the 200DMA at $1,797 is needed to open the door to a more meaningful recovery for a rise toward the $1,877 June high.”
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. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.