While the markets are wondering where the gold price will go, a famous financial institution predicts that there will be a decrease in the precious metal. Switzerland-based bank and finance company Credit Suisse thinks that if certain levels cannot be broken, the price of gold may fall to around $ 1,600 an ounce. cryptocoin.com We provide the details of the bank’s analysis…
Credit Suisse: Need to go above $1,877
Gold price remains stuck in last year’s convergence range and is currently hovering around $1,805, the 200-day moving average (DMA). The precious metal started this week below $1,800 and closed yesterday at $1,807. Therefore, it is clear that there is still a slight increase. However, analysts at Credit Suisse expect the Gold (XAU) and US dollar (USD) pair to test the $1,691 and $1,676 area with a break below the $1,759 and $1,754 levels. It is stated that it is necessary to rise above $ 1,877 to alleviate the fears of the summit.
According to analysts, when the gold price goes below $1,759 and $1,754, the levels of $1,691 and $1,676 can be seen from the lower end of the range. These levels remain necessary to pave the way for a retest of the key price and pullback support. However, it is thought that there will be a significant lower trend change only when it is below this level. It is suggested that with the loss of the mentioned $ 1.691 and $ 1.676, the previous support levels of $ 1.620 and $ 1.615, and at the 1.500 levels, $ 1.572 and $ 1.561 can be seen.
What does it take for the gold price to rise?
Not all of Credit Suisse’s comments are negative. The bank states that the precious metal must break a certain level to rise. A break above $1,877 is considered necessary to ease bearish fears, while a break above $1,917 is claimed to lead to a more sustainable rally. Analysts say that once $1,917 is exceeded, we can potentially return to record highs of $2,075. This represents a $275 rise from current levels.
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