Gold, which had changed hands at $1,794 at the time of writing, has dropped below $1,800 an ounce again, and rising real returns should weigh on gold, according to analysts. According to analysts at Switzerland-based financial institution Credit Suisse, the precious metal may be in the throes of a major “peak”. cryptocoin.com as, we convey the comments of the analysts of the famous institution on the precious metal…
Credit Suisse analysts: Gold resistance at $1,877 expected to be capped
Analysts operating at Credit Suisse, a bank and finance company headquartered in Zurich and serving for more than 100 years, share their gold analysis. Analysts’ baseline is that inflation expectations and top 10-year US real yields are in the process of undergoing a largely downward transformation. According to analysts, if their views are correct, this suggests that “gold actually formed a big and important peak”.
Immediate risk is seen at $1,759 for the next support. If this level is broken, it can be considered that the long-term important support at $1,691 and $1,677 can be retested. Any dip below this second area marks a major top, according to analysts. Finally, Credit Suisse strategists use the following statements:
The $1,877 resistance is now expected to topple, but just seeing levels above $1,917 could be an indication that we’re seeing a significant rise.
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