SMM: the gold market fell sharply at the beginning of the week, once falling below $1900 / oz, although many institutions are still bullish on gold, but gold prices are expected to fall first.
Credit Suisse (Credit Suisse) said the gold market had not yet hit bottom and was likely to fall below $1800 an ounce before rebounding.
Spot gold prices hit a new low for more than a month on Monday, testing the support level of $1880 an ounce.
The current technical support area is between US $1837 and US $1897 per ounce.
Credit Suisse said it expected gold to continue consolidation with an initial target of $2075 to $2080 an ounce.
"the long-term trend remains upward, boosted by real interest rates and a weaker dollar, and will continue to consolidate in the medium term, underpinning the focus on the $1837-$1897 / oz region, the 23.6 per cent pullback from the 2018 low."
In the short term, however, the bank expects the downward trend to continue, with gold prices falling back to $1765 or even $1726 an ounce.
In the long run, Credit Suisse expects gold to look above its target of $2300 an ounce.
"in the end, gold will be able to break through the resistance level of 2075, then look at 2175, and then it will be $2300 an ounce."
The bank pointed out that gold prices are likely to undergo new consolidation after the rally, but if there is a direct breakthrough, the potential upward trend resistance is $2417 / oz.
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