Watch Out For These 2 Gold Price Predictions: These Numbers Are Expected!

The gold price fell sharply as Frederal Reserve continued its aggressive stance to curb stubborn inflation. In this environment, the gold price continues to paint a negative picture for Credit Suisse. Commerzbank says the yellow metal will struggle to make lasting gains.

“Only in this case, it is possible to ease the pressure on the gold price”

Yellow metal below $1,691/76 confirmed a major double top. That’s why strategists at Credit Suisse have downgraded their medium-term technical outlook on gold. In this context, strategists draw attention to the following technical levels:

Gold recently dropped below the two-year low and the 200-week moving average at $1,691/76, indicating a major ‘double top’ formation. Therefore, we changed our medium-term technical view on gold to negative. With support initially seen at $1,618/16, we expect more deterioration from here.

A close below $1,618/16 will pave the way for a 50% retracement of the entire 2015-2020 upswing from $1,560, according to strategists. Strategists see it as possible for the shiny metal to continue to progress to the following levels:

A sustained break below this will open the door to extend the decline to late 2019 and 2020 price lows, as well as the 61.8% pullback at $1,451/40. Conversely, only a convincing break above the 55-day moving average currently at $1,732 can ease the pressure on the precious metal and the next resistance will be seen as even more important at the 200-day average currently at $1,830.

gold price

“Gold has little to offer”

cryptocoin.comAs you follow, gold is trading close to the lowest level of the year. Commerzbank economists expect gold to remain under pressure. However, a short counter move is possible in the gold market. Economists make the following assessment:

Amid rapidly rising interest rates, gold has little to offer as an interest-free investment. Especially since the strong US dollar puts additional weight on the price. This is why many ETF investors continue to withdraw their holdings. A small upside counter move is possible next week. However, we do not expect a permanent return until an end to rate hikes is seen.

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