“Gold now appears to be strengthening above its 200-day moving average, which currently stands at $ 1,843 per ounce. In ideal conditions, we see the consolidation of this indicator. Now a solid foundation has been formed, from which the value of the precious metal will move to the next resistance level. It is at the high of this year and the high of November 2020 at around 1959/66 $ per ounce, ”- this opinion was shared by Swiss analysts.
As soon as the resistance level is overcome, the way will be opened for growth to the previous high of the price of gold. "While we anticipate a new phase of consolidation below the $ 1959/66 area, any upside break should open the door for a return to the all-time high of $ 2075 an ounce," the bank said in its review.
However, if the price moves below the current 200-day average, analysts see the following scenario: "Fixing the price below $ 1843 will strengthen the sideways trend, while a move below $ 1764 would mean that the precious metal may repeat the $ 1682/71 levels."