Gold price is trading higher after a good session on Wednesday. As of writing, the price of an ounce of precious metal has increased to $ 1,786. This corresponds to an increase of 0.48 percent in the last 24 hours. Although the current situation in the gold price is positive, according to analysts of a famous bank, there may be a decrease. cryptocoin.com We convey the estimates of Credit Suisse, a well-established platform…
Credit Suisse analysts predict a drop in gold price
According to experts, gold is seen at risk, especially if real returns increase. Strategists at Swiss-based financial institution Credit Suisse are also on high alert for the potential occurrence of a major summit; however, they think that this can only be confirmed if it breaks below the $1,691 and $1,677 levels.
According to analysts, US real returns are still in the process of being based. While the US Dollar Index is expected to rise and the dollar to strengthen further, the predicted levels in the gold price are quite low. Analysts believe that the gold/USD pair is under pressure in its range. According to analysts of the giant bank, if the trading pair stays below the $1,759 and $1,758 level for a long time, it is thought that the long-term important support could be retested at $1,691 and $1,677. Analysts end their comments as follows:
Any stage below the $1,691 and $1,677 area, then an initial support at $1,561 will mark a major top. The $1,877 resistance remains borderline ideally.
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