HomeMarketsGoldCredit Suisse Analysts Confirm Gold’s Push to $2,300 Remains Intact

Credit Suisse Analysts Confirm Gold’s Push to $2,300 Remains Intact

Even though there is a growing lack of financial certainty, gold continues to perform quite well. In fact, the Credit Suisse team is convinced things will improve further. According to sources affiliated with the bank, hitting $2,300 per ounce remains plausible. 

More Bullish Gold Momentum Expected

Throughout 2020, the price of gold – and other precious metals – has risen significantly. When the momentum came to an end, some experts predicted this cycle would not continue any longer. In theory, that is one of the possible outcomes. However, the fundamentals of gold and other precious metals remain firmly intact. Scarcity will always be a driving factor during times of financial uncertainty.

Whether the gold price will rise again or not, is difficult to predict. Anything is possible under the current circumstances. Depending on the outcome of the US elections, things will become a bit clearer. It will create an example for the rest of the world to follow, either for better or worse. 

If the analysts at Credit Suisse are to be believed, things are bound to get rather interesting. More specifically, the analysts expect that gold will remain bullish for the foreseeable future. After consolidating in the current price range for a while, it will be interesting to see if and when the momentum picks up again.

It was to be expected there would be a temporary reprieve after the earlier bullish momentum. After all, no market can keep going higher without a reset every now and then. For gold, that reset pushes the price down by nearly $200 an ounce. It falls well within the overall parameters of expectations, however. Key support has not been broken by any means, thus there is cause for cautious optimism.

Credit Suisse Strategists Expect a Big Push

The same analysts at Credit Suisse go on by stating how gold can hit a new all-time high too. More specifically, they predict – based on the market sentiment and technical indicators – how the gold price will hit $2,300 in the long-term. An optimistic outlook, given the current circumstances, but far from an impossible one. 

At the same time, there is a chance the current support levels will be broken. For that to happen, the gold price needs to drop below $1,837, per Credit Suisse strategists. It seems rather unlikely something like this will happen in the near future.

However, no one can accurately predict what is going on exactly, or what will happen in the next 12-18 months. As such, every option needs to be kept on the table at all times. 

The post Credit Suisse Analysts Confirm Gold’s Push to $2,300 Remains Intact appeared first on Vaultoro, buy gold with bitcoin.

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