Gold prices fell overnight. Although it went above $1,800 on Monday and continues to trade at $1,790 the next day, it started Wednesday below that level. At the time of writing, the price of an ounce of gold is trading at $ 1,786. Grams are at the level of 545 liras. Credit Suisse analysts expect further declines in the precious metal. cryptocoin.com We have compiled the analysis of the famous bank for you…
Credit Suisse: Gold will collapse towards $1,565-1,560 levels
Strategists at Credit Suisse, a bank and finance company headquartered in Zurich, Switzerland, expect the yellow metal to drop to $1,691-1,677 levels. Only a break above $1,834-1,839 could signal a deeper recovery. Strategists say they have “a slight bias towards a final bearish, but only a move below $1,691-1,677 will mark a major top for a bearish reversal change.”
According to strategists, after these levels, the next support will initially be seen at $ 1,620-1,615, before the levels of $ 1,565 / $ 1,560. However, there are also projections for the rise. Analysts observe that “only if there is a break above $1,834-1,839, a range base will complete.” Therefore, they predict that if these levels are exceeded, a deep recovery towards the $1,917 level will open the way.
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