In the international market, gold prices swayed in volatile trade on Thursday. Meanwhile, the dollar hit a 20-year high, offsetting support from lower U.S. Treasury yields after monthly U.S. inflation data indicated the Federal Reserve will stick to its aggressive rate-raising roadmap. Meanwhile, the famous finance company Credit Suisse reported the levels to be expected. Here are the details…
Credit Suisse: If you go below $1.828, 1.677 levels can be seen
Gold saw the levels of $1,832 in the early hours of the past day and fell to the lowest levels of the last three months. However, it subsequently recovered to $1,850. Credit Suisse analysts expect the Gold/USD pair, i.e. XAU/USD, to drop to the $1,691 and $1,977 support zone if it closes weekly below $1,828. Also, gold is considered to be on its way from the uptrend and testing the 200-day average support at $1,838 and $1,828. Analysts explain their expectations for gold with the following statements:
We expect a drop back to the uptrend of last August and the 200-day average of $1,838 and $1,828, but new buyers are expected here. A weekly close below $1,828 could warn of retesting crucial long-term support at $1,691 and $1,677. Above $1,998 is needed to re-test an uptrend to retest the record highs of $2,070 and $2,075.
The latest situation in gold price
As we reported on Cryptokoin.com , the USA reached 8.3 percent in April. released its inflation data on Wednesday. Although this is the lowest level of inflation since August 2021, it is well above the economist’s estimates. Seeing inflation soaring, investors are worried that the Fed may raise interest rates even more. The price of the precious metal, which declined to $ 1,838 after the FED’s statements, seems to be around $ 1,846 at the time of writing. The price of gram gold managed to rise above 900 liras and is traded at 914 liras at the time of writing.
