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Gold remains capped by the 200-Day Moving Average (DMA) at $1,797. Strategists at Credit Suisse expect a consolidation phase to emerge from here.
Break above 200DMA needed to open the door to a more meaningful recovery
“Gold holds a minor base but remains capped so far by the crucial 200DMA, currently seen at $1,797 and we expect a consolidation to emerge from here.”
“Below support at $1,729 is needed to ease the immediate upward bias in the range, but with a break back below the 55DMA at $1,688 needed to inject fresh downside momentum into the market again for a retest of the YTD low at $1,614.”
“Above the 200DMA at $1,797 is needed to open the door to a more meaningful recovery for a rise toward the $1,877 June high.”
This article was originally published by Fxstreet.com. Read the original article here.