Gold Price Forecast: XAU/USD to find a floor above its 200-DMA at $1,775 – Credit Suisse
Gold Price has managed to stay above its 200-Day Moving Average (DMA). This level stands at $1,775 and is expected to floor the bright metal, strategists at Credit Suisse report.
Move above $1,890/1,900 needed to clear the way for a retest of $1,973/98
“Gold has broken below its 55-DMA, currently seen at $1,859, but has so far managed to remain clearly above the long-term 200-DMA, currently seen at $1,775. We continue to look for this to remain a floor and for the broader risk to turn higher again from here in due course.”
“Above $1,890/1,900 is needed to clear the way for a retest of $1,973/98. Beyond here stays seen needed to reassert an upward bias for a test of long-term resistance from the $2,070/72 record highs of 2020 and 2022.”