Gold has cleared its 200-Day Moving Average at $1,790. Economists at Credit Suisse expect the yellow metal to enjoy further gains.
Initial support seen at $1,778
“Gold has finally cleared the crucial 200DMA, currently seen at $1,790 and with an existing base in place we look for further strength to the 50% retracement of the 2022 fall at $1,843 next, then the $1,877/1,896 June high and 61.8% retracement.”
“Support is seen at $1,778 initially, with $1,766 ideally now holding to keep the immediate risk higher. Below can see a retest of the ‘neckline’ to the base at $1,729 but with fresh buyers expected here.”