Gold Price Forecast: XAU/USD to enjoy a deeper recovery on a weekly close above $1,796 – Credit Suisse
|Gold continues to fluctuate in a narrow range near $1,770. The yellow metal needs a weekly close above the 200-Day Moving Average (DMA) at $1,796 to see further gains, strategists at Credit Suisse report.
Move below support at $1,729 to ease the immediate upward bias
“Gold remains capped by the crucial 200DMA, currently seen at $1,796 and we expect a consolidation to emerge from here. Below support at $1,729 though is needed to ease the immediate upward bias in the range with support seen next at the 55DMA at $1,698.”
“A weekly close above $1,796 would be seen to open the door to a more meaningful recovery for a rise to the 50% retracement of the 2022 fall at $1,843 next, then the $1,877 June high.”
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