Gold remains capped by the 200-day moving average (DMA) at $1,797. Credit Suisse Strategists They expect a consolidation phase to take place from here on.
A break above the 200 DMA is needed to open the door for a more significant rally
“Gold is holding a lower base but remains capped so far by the crucial 200 DMA, currently seen at $1,797, and we expect consolidation to emerge from here.”
“Below the support at $1,729 is needed to ease the immediate bullish bias in the range, but with a break below the 55 DMA at $1,688 needed to inject further downside momentum into the market again to turn around. to test the annual minimum at $1,614.”
“Needs to break above the 200 DMA at $1,797 to open the door for a more significant rally for a rally towards the June high at $1,877.”
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.
