Park Avenue Numismatics
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Gold price to see an additional major rally on a break above $1,877
2.11.22 - Gold to See Additional Major Rally
Gold last traded at $1,855 an ounce. Silver at $23.47 an ounce.
NEWS SUMMARY: Precious metal prices rose Friday despite hawkish Fed comments and a firmer dollar. U.S. stocks traded mixed as investors tried to determine the Fed's next move amid the highest inflation in four decades.
Credit Suisse/Fx Street
"Gold looks to be finding better support in its broader sideways range. But strategists at Credit Suisse notes that the yellow metal needs to break above $1,877 to see a sustained leg higher.
'Gold remains well supported in the converging range of the past year but needs to clear $1,854 to suggest the downtrend from early 2021 break and above $1,877 to suggest we are seeing a more sustainable move higher, for a test of $1,917 next.'
'Below $1,780 is needed to ease the immediate upward bias for a fall back to $1,759/54, but with a break below here needed to clear the way for a retest of key price and retracement support.'"
