Gold started this morning trading sideways and hovered around $1,862 at the open of the day. It rallied towards $1,865 at the time of writing. Gram gold changes hands around 609 liras. What levels will the precious metal see now, which made gold fans happy by gaining momentum towards the close of last week? Analysts of the Swiss-based bank Credit Suisse shared their thoughts. Cryptocoin. com we review them…
Credit Suisse analysts expect a significant rise for gold
Gold renewed five-month highs at $1,870 after breaking key resistance at $1,834. Strategists at Credit Suisse are expecting the gold-US dollar pair to post significant gains with a break above the June peak at $1,917. According to analysts, the trading pair is bullish and trading above short, medium and long-term averages. Saying that gold continues to recover steadily, the precious metal is now pushing the key price resistance at the July and September peaks to $1,834, the bearish trend in August 2020, by forming a five-month bottom, using the following statements:
With the market also rising above short, medium and long-term averages, there seems to be increasing evidence that we may be at the beginning of a longer-term uptrend. Expect a test of June’s high at $1,917; A break above this should add more weight to our view, then $1,959 and $1,977 could be seen and eventually return to the record high of $2,075.
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