Cryptocoin. com, the precious metal, which suffered from the safe harbor flow and started to recover, due to the concerns caused by the Covid-19 Omicron variant, started to decline after the statements that the symptoms of the variant were not very severe and the vaccines were effective on the virus. The latest statements by Fed Chairman Jerome Powell further increased the pressure on the precious metal. Gold prices remain embedded in their long horizontal range, with economists at Credit Suisse expecting the yellow metal to retest long-term key support at $1,691/77 if it breaks $1,759.
“For gold prices, just above $1,917 means a significant rise”
According to economists at Credit Suisse, gold prices remain firm in the sideways range with immediate support seen at $1,759, and if it breaks, the long-term pivot support could be retested at $1,691/77. Economists point to $1,917 for a significant turnaround:
“Any stage below this second area marks a major peak in our view. The $1,877 resistance is now likely to topple, but just above $1,917 indicates a significant turn higher. ”
At the time of writing, spot gold was trading at $1,763.30, shedding 1.02% daily.