Credit Suisse expects gold to rise to $2300 in this case!
Arabictrader.com – In conjunction with gold benefiting strongly from the decline in US bond yields and the decline in the dollar index, experts at Credit Suisse believe that it may test the main resistance at the level of $ 2075 an ounce, which is the top of gold, which it had recorded in 2020 and 2022.
Experts at the Swiss bank indicated that the clear and continuous breach of this level may represent a major long-term bullish breach and open the door to a move to the $2,300 level, but if it faces downward pressure, it may retreat towards the support level near $1,898, and if a break occurs, then This will reduce the possibility of breaching $2075, and suggests another bearish bounce within the broader range towards the next support near $1778 an ounce.
It should be noted that in light of the huge rise that it witnessed and exceeded the $2000 level, amid fears of a slowdown in the global economy, analysts of the Australian New Zealand Banking Group ANZ believe that gold is likely to give up its gains, in the event that banking turmoil diminishes.
Despite this, ANZ experts reported that they still maintain their expectations for gold in the long term, expecting that gold will continue to rise in light of their expectation that the US Federal Reserve will temporarily stop raising interest rates, which will negatively affect the US performance throughout this year, which will push Gold prices to go up.