6 August
Credit Suisse: Gold recovery to continue as week closes above $1,796
Gold continues to fluctuate in a tight range near $1,770. The precious metal needs a weekly close above the 200-Day Moving Average (DMA) at $1,796. Analysts at Credit Suisse believe this will allow us to see further gains.
According to specialists, gold is still capped by the critical 200DMA, which is currently near $1,796. Analysts expect the consolidation will begin from here. Penetration of the $1,729 support level will weaken the uptrend. The next support will be seen at the 55DMA at $1698.
A weekly close above $1,796 might open the door to a meaningful recovery to a 50% retracement of the 2022 price drop ($1,843). Later, bullion prices might reach a June high of $1877.
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