Gold Price Forecast: XAU/USD to suffer further falls with a top in place – Credit Suisse Gold XAUUSD Banks
Gold remains solidly below $1,691/76, reinforcing its “double top.” Subsequently, strategists at Credit Suisse expect XAU/USD to extend its losses.“Gold below $1,691/76 has reinforced its existing large ‘double top’. Hence, with a top in place, we expect XAU/USD to come under renewed pressure. We note that the next support is seen at $1,614, then $1,560 and eventually our core objective at $1,451/40.
“Only a convincing weekly close above the 55-DMA at $1,699 would ease the pressure on the yellow metal, with next resistance then seen at the even more important 200-DMA, currently at $1,813, which we would expect to cap at the very latest.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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