According to the strategists of Credit SuisseGold is under increasing pressure after rejecting multi-year highs of $2,063/$75.
Gold will eventually reach new all-time highs
“Gold has started to pull back more decisively from pivotal resistance at the all-time highs of $2,063/75 recorded in 2020 and 2022, in line with the grueling near-term momentum picture we’ve been highlighting for the past month, with a triple divergence bearish momentum still in place.”
“The next supports we see at $1,949/$40, below which we would aim for a downward correction to $1,892, which we would then look to hold.”
“Following the current phase of correction, we believe the market will reach new all-time highs, supported by lower US real yields later in the year. With this in mind, breaking above $2,075 on the weekly close would be a sign to the upside, which would open the door for our first upside target of $2,330/$2,360.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
