2 Giant Banks Made Surprise Predictions! – Cryptokoin.com

After the Federal Reserve increased interest rates by 25 basis points in line with expectations, gold started to rise again with the signals of Fed Chairman Jerome Powell that the Fed will stop. Standard Chartered economists predict a rebound, while Credit Suisse strategists expect further upside should a critical level be broken.

Are more upsides possible in gold price?

Gold briefly retested the $1,973/98 level. According to the report by Credit Suisse strategists, a breakout from here could cause the yellow metal to gain further upside momentum. In this context, strategists make the following statement:

A sustained move above $1,973/98 is needed to pave the way for a retest of long-term resistance from the record highs of $2,070/75 in 2020 and 2022. While this should clearly be respected, a clear and sustained break higher would open the door to the next $2,300 move. Ideally, the 55-DMA currently seen at the $1,881 floor of the market. If this breaks, we could see more weakness towards the $1,805 low range before the critical 200-DMA, currently seen at $1,778 and which we expect to form the floor once again.

There is a possibility that gold will rise in the very short term, but…

Gold tends to provide a positive return when there is short-term stress in the financial system. However, Standard Chartered economists expect the yellow metal to return to $1,875 in the coming months. Economists explain their views on this issue as follows:

Investor positions are far from extremes. This suggests that it is unlikely to stand in the way of further gains. These indicate that gold is likely to rise in the very short term, especially if banking sector fears persist. Having said that, we realize that gold helps reduce volatility over relatively short-term horizons. Over a longer period of three months, we will not be overly following recent gains. Instead, we’ll wait for gold to re-set around $1,875.


Fed gives pause signals, gold price rises

Gold is aiming for a new war at $2,000, expanding Federal Reserve (Fed)-promoted gains between bearish US Treasury yields and the US dollar. It’s worth noting that waning fears over banking turmoil also seem to be supporting gold prices lately, despite US Treasury Secretary Janet Yellen’s rejection of ‘comprehensive insurance’ for deposits.

With this, cryptocoin.comAs you follow, the Fed provided a rate increase of 25 basis points (bps). However, the interest rate decision and the dot chart raised concerns about dovish movements in the future. That, in turn, choked the US dollar despite Fed Chairman Jerome Powell’s rejection of calls for rate cuts in 2023. Looking forward, there are second-tier statistics and monetary policy moves by the Bank of England (BoE) and the Swiss National Bank (SNB). According to analysts, these moves could entertain gold traders as bulls await more dovish rate hikes amid the current banking crisis.

Contact us to be instantly informed about the last minute developments. twitterin, Facebookin and InstagramFollow and Telegram And YouTube join our channel!

Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.

Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.

Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.

Show Disclaimer

source site-3