Gold Price Forecast: XAU/USD to enjoy a deeper recovery on a weekly close above $1,796 – Credit Suisse

Gold continues to fluctuate in a narrow range near $1,770. The yellow metal needs a weekly close above the 200-Day Moving Average (DMA) at $1,796 to see further gains, strategists at Credit Suisse report.

Move below support at $1,729 to ease the immediate upward bias

“Gold remains capped by the crucial 200DMA, currently seen at $1,796 and we expect a consolidation to emerge from here. Below support at $1,729 though is needed to ease the immediate upward bias in the range with support seen next at the 55DMA at $1,698.”

“A weekly close above $1,796 would be seen to open the door to a more meaningful recovery for a rise to the 50% retracement of the 2022 fall at $1,843 next, then the $1,877 June high.”