- Analytics
- News and Tools
- Market News
- Gold: Signs of exhaustion, rally towards $2000 to resume after a pullback - Credit Suisse
Gold: Signs of exhaustion, rally towards $2000 to resume after a pullback - Credit Suisse
FXStreet reports that gold has seen its expected move to new record highs and strategists at Credit Suisse are starting to see signs of temporary overextension. Therefore, they expect the yellow metal to experience a consolidation phase before resuming the uptrend towards the $2000 psychological mark.
“Gold strength has accelerated dramatically again and we have now seen the long-looked for move to a new record high above $1921. With near-term signs of overextension now showing a pullback/consolidation should clearly be allowed for after such a strong and headline-grabbing move.”
“Our bias remains though to view weakness as corrective only and we maintain our core bullish bias with resistance then seen next at the psychological $2000 barrier, before what we see as its next tougher resistance test at Fibonacci projection resistance at $2075/80. Whilst our bias would be to look for a consolidation phase to unfold from here, a direct break can see resistance at $2175/80 next, then $2295/2300.”
“Support for a pullback is seen at $1804/1796, then $1765, with $1671 ideally holding.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
