Gold has found a floor as expected above its 200-Day Moving Average (DMA), currently seen at $1,775. A weekly close above $1,890/1900 is needed to clear the way for a retest of $1,973/90, strategists at Credit Suisse report.
55-DMA at $1,869 now holds to keep XAU/USD within its range
“A solid weekly close above $1,890/1900 is needed to clear the way for a retest of $1,973/98. Beyond here stays seen needed to reassert an upward bias for a test of long-term resistance from the $2,070/72 record highs of 2020 and 2022.”
“Ideally, the 55-DMA, currently seen at $1,869 now holds to keep the precious metal within its range. Nevertheless, if this would break, we could see further weakness toward the recent range low at $1,804, before the crucial 200-DMA, currently seen at $1,775, which we would once more expect to provide a floor.”