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Gold Price Forecast: XAU/USD to see a test of its 200-DMA at $1,775 – Credit Suisse

Gold Price has dipped below its 55-Day Moving Average of $1,864. Strategists at Credit Suisse expect the yellow metal to challenge the 200-DMA at $1,775

Break above $1,890/1900 needed to clear the way for a retest of $1,973/98

“Gold has broken below its 55-DMA, currently seen at $1,864 and with the USD strengthening is seen at risk to a test of the long-term 200-DMA, currently seen at $1,775. We continue to look for this to remain a floor and for the broader risk to turn higher again from here in due course.”

“A close below $1,775 though would warn of further weakness in the broader range to test the ‘neckline’ to the September/November 2022 base at $1,729.”

“Above $1,890/1900 is needed to clear the way for a retest of $1,973/98. Beyond here stays seen needed to reassert an upward bias for a test of long-term resistance from the $2,070/72 record highs of 2020 and 2022.”

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United States EIA Crude Oil Stocks Change below forecasts (0.395M) in March 3: Actual (-1.694M)
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Powell speech: Costs of not getting inflation down will be extremely high

FOMC Chairman Jerome Powell testifies on the Semi-annual Monetary Policy Report before the US House Financial Services Committee. Key quotes "US Dolla
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