Gold price continues to fluctuate around $1,825, with a slight daily decrease at the time of writing. However, according to analysts, as real interest rates fall, gold is also affected positively in the short term. Still, Credit Suisse strategists’ forecast for gold is that the yellow metal must break past the 1834-36 region to continue a deeper recovery. Credit Suisse analysts’ forecasts and assessments for gold price Cryptocoin. com we have prepared for you.
Analysts’ forecast for gold is near-term support rising to $1,759
According to Credit Suisse strategists, the gold price is trending slightly below its July and August peaks and at $1834-36 from August 2020, but has improved further in the short term, especially aided by the sharp drop in Real Yields. Analysts continue their assessments as follows:
However, rather than paving the way for a deeper recovery to $117, only a break above $1834/36 would appear to complete an in-range bottom and significantly reduce the threat to the top. Near-term support is higher at $1,759, below which will ease the pressure at $1834/36.
Credit Suisse analysts believe that just below the now distant $1691/77 level, gold price will mark a key top for a significant change in downtrend and then support will be at $1620/15 initially and then at $1565/60 later on. they state.