Gold suffered a sharp pullback on Thursday. However, according to economists from Credit SuisseGold is expected to retrace all-time highs of $2,063/$75.
A weekly close below $1,883 would reinforce the long-term sideways range
We stand by our long-term view that a major bottom will be found at the upside key of the 200 DMA at $1,883 and eventually retest the main resistance at the all-time highs of $2,063/$2,075.
We remain in favor of a possible break of new all-time highs later in the year, which would open the door for a move towards $2,150, and then $2,355/$65.
However, a weekly close below $1,883 would reinforce the longer-term sideways range, and a drop to $1,810/$05 support.
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.
