Gold Price Forecast: XAU/USD to see a test of its 200-DMA at $1,775 – Credit Suisse
Gold Price has dipped below its 55-Day Moving Average of $1,864. Strategists at Credit Suisse expect the yellow metal to challenge the 200-DMA at $1,775
Break above $1,890/1900 needed to clear the way for a retest of $1,973/98
“Gold has broken below its 55-DMA, currently seen at $1,864 and with the USD strengthening is seen at risk to a test of 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.”
“A close below $1,775 though would warn of further weakness in the broader range to test the ‘neckline’ to the September/November 2022 base at $1,729.”
“Above $1,890/1900 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.”