Gold prices are flat on the last trading day of the week. An ounce of gold is above $1,820 even though it has failed to surpass $1,830. Gram gold is around 795 liras. Many people have invested in the precious metal, which is seen as a safe haven in economically uncertain times. Therefore, people are very curious about which direction gold will go. Meanwhile, analysts at the famous financial institution Credit Suisse made a gold prediction. So what do they say? cryptocoin.com We convey the details as…
Gold forecast came from Credit Suisse analysts
Analysts of Credit Suisse, a bank and finance company headquartered in Zurich, Switzerland, come up with gold forecasts from time to time. According to their recent projections, the precious metal is finding good support in the wider horizontal range. However, analysts think the yellow metal must rise above $1,877 to see higher price levels. It is stated that it is necessary to go below $ 1,780 for the upside movement to reverse and the downtrend to begin.
According to analysts, gold remains well supported in last year’s converging range. However, it must surpass the $1,854 and subsequent test area of $1,917 to prove that the bearish trend seen from the beginning of 2021 has been broken. This will allow investors to see a more sustainable rise. It is also stated that $ 1,877 is quite critical for this. At the time of writing, analysts use the following expressions for the price of an ounce of gold, which is traded at $ 1,826:
A break below $1,780 is needed for a decline back to $1,759 and $1,754 and to moderate the sudden upside bias. But with a breakout here, $1,691 and $1,676 are needed to clear the way for a retest of key price and pullback support from the lower end of the range. While only below $1,691 and $1,676, we could see a major top forming to mark an important lower trend change.
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