Gold, which paused its rally after the US NFP data, which multiplied the expectations, is waiting. US CPI data to be released today will be the most important catalyst for the market. In this uncertain environment, the direction and price forecasts of analysts also differ. Economists at Credit Suisse focus on the technical front of gold and expect a sustained breakout of $1,792. Market expert Ramazan Kurtoğlu explains the period in which bullion will experience its golden age.
“A major ‘double peak’ continues to threaten”
cryptocoin.comAs you follow, gold tested $1,800 on Tuesday for the first time in a month. Economists at Credit Suisse expect the yellow metal to see the 200-day moving average (DMA) on a sustained break above the 55-DMA at $1,792. Economists point out the following technical levels:
A convincing break above the 55-DMA currently seen at $1,792 will confirm more range in the 2-year period. Also, the next resistance will be seen at the even more important 200-DMA, currently at $1,842. A close break below $1,691/77 will be enough to complete a major ‘double top’ that will reduce risks for at least the next 1-3 months. We note that if this top is triggered, the next support will be seen at $1,618/16, then $1,560.
“Golden age of gold: 2023-2030 period”
Istanbul Aydın University Faculty Member Ramazan Kurtoğlu evaluated the developments in gold prices. Kurtoğlu, who describes gold as the only real money that the inflation monster cannot defeat, does not trust technical analysis. The expert states that such analyzes show the past. Therefore, he notes, future analysis based on technical analysis is open to speculation.
However, Ramazan Kurtoğlu claims that the period between 2023/2030 is the golden age of gold. The expert also notes that gold is a way to stay in cash against inflation. That’s why he says the yellow metal is a safe haven for opportunity purchases.
Pablo Piovano: More fixes on the cards
Open interest on gold futures markets increased the erratic performance. About 1.9 thousand contracts shrank on Tuesday, according to advanced data from CME Group. Volume reversed the previous daily drop, with nearly 19.5K contracts up.
Gold prices briefly tested $1,800 on Tuesday, ending the session on good gains. However, according to market analyst Pablo Piovano, the daily rise was behind the contraction in open interest, which revealed a short-term correction. Meanwhile, the analyst notes that the next target for the bulls remains the $1,800 zone.
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