Gold price managed to hold above the 200-day average this week. According to analysts at the Swiss bank Credit Suisse, the upward trend will continue in the gold market.

“Gold now appears to be strengthening above its 200-day moving average, which currently stands at $ 1,843 per ounce. In ideal conditions, we see the consolidation of this indicator. Now a solid foundation has been formed, from which the value of the precious metal will move to the next resistance level. It is at the high of this year and the high of November 2020 at the level of 1959/66 $ per ounce, "- such an opinion was shared by Swiss analysts.

As soon as the resistance level is overcome, the path will be opened for growth to the previous high of the gold price. "While we anticipate a new phase of consolidation below the $ 1959/66 area, any upside break should open the door for a return to the all-time high of $ 2075 an ounce," the bank said in its review.

However, if the price moves below the current 200-day average, analysts see the following scenario: "Fixing the price below $ 1843 will strengthen the sideways trend, while a move below $ 1764 would mean that the precious metal may repeat the $ 1682/71 levels."

Gold for China

Net gold imports to China via Hong Kong rose 219% in April from the previous month. This is reported by Reuters, citing data from the Hong Kong Statistics Agency. This is the highest import volume since June 2018.

Thus, in April this year, net gold imports to China through Hong Kong amounted to 52,821 tons. For comparison, in March, China imported 16,545 tons of gold via Hong Kong.

It should be said that the data on gold imports from Hong Kong does not give a complete picture of the purchases of the yellow precious metal from China, since it is still imported through Shanghai and Beijing. But analysts can at least roughly understand how the situation with demand for gold within the country is.