As we enter the end of the week, gold prices regained momentum after the failed negotiations between Russia and Ukraine. While the ounce price of gold continued to stay above $ 1,935, gram gold saw a greater rise and went up to 884 liras. Meanwhile, analysts at the famous financial institution Credit Suisse shared their expectations for gold in their latest investment notes. cryptocoin.com We convey the details as…
Credit Suisse conveyed its expectations for gold
The underlying trend for gold is trying to rise. Strategists at Credit Suisse still expect the yellow metal to close the week above $1,917 and $1,923. According to analysts of the Switzerland-based financial institution, this will increase the probability of a return to the record level of $ 2,075. Also, gold could start to trend more sideways with a move below $1,878 and $1,877, according to experts. Credit Suisse analysts use the following statements:
Gold is trying to make a weekly close above the June 2021 highs. It is also struggling to see retracement resistance at $1,917 and $1,923 but the chances of a retracement to the $2,075 high remain high as the rally gains momentum to raise anticipation, confirming that a base has indeed been established. A ‘false’ break below the $1,878 and $1,877 support could warn of a ‘false’ breakout that ranges higher and more.
Credit Suisse’s previous analysis
The famous financial institution drew attention to the record level of $ 2,075 in its previous analyzes. In the view of strategists at Credit Suisse, gold’s main trend appears to be in the process of rising again, while another break above $1,917/23 would provide further gains towards the record high of $2,075. “Gold saw a weekly close above November high at $1,877 and spotlight turned to June 2021 high and retracement resistance at $1,917/23. Above should give momentum to the rally to confirm that a base has indeed been established to raise the possibility of a return to the record $2,075.” So, little seems to have changed since their previous analysis.
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