Gold has refreshed five-month highs at $1,870 after breaking key resistance at $1,834. Strategists at Credit Suisse expect XAU/USD to stage a significant leg higher on a break above the June peak at $1,917.
“Gold continues to improve steadily and has now cleared key price resistance from the July and September highs and downtrend from August 2020 at $1,834 to establish a five-month base. With the market also above rising short, medium and long-term averages evidence looks to be building we may be at the beginning of a more sustained move higher.”
“We look for a test of the June high at $1,917, a break above which should add further weight to our view with resistance then seen next at $1,959/77 and eventually back to the $2,075 record high.”
© 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.