Daily Gold Market Report

Gold down in lackluster trading pushed by stronger dollar
Credit Suisse sees new record high for later in year, then $2355

(USAGOLD – 8/1/2023) – Gold is down this morning in lackluster trading pushed for the most part by a stronger dollar. It is down $10 at $1957. Silver is down 29¢ at $24.54. Credit Swiss is not allowing the summer drag alter its bullish stance on the yellow metal.

“We maintain our long-held view,” it says in an advisory released yesterday, “for a major floor to be found the key rising 200-DMA of $1,883 and for an eventual retest of major resistance at the $2,063/2,075 record highs to be seen. We still stay biased to an eventual break to new record highs later in the year, which would then be seen to open the door to a move to $2,150 next, then $2,355/65.”

bar chart showing the average annual price of gold from 1971 to present
Chart by USAGOLD • • • Data source: Macrotrends. net

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