Gold Price Forecast: XAU/USD to complete a large “double top” on a break below $1,691-77 – Credit Suisse
|Gold remains in a range. However, a major “double top” continues to threaten, as strategists at Credit Suisse note.
Sustained break above 55 DMA to confirm further ranging
“A convincing break above the 55-day average, currently seen at $1,786, would confirm further ranging in the two-year range, with next resistance then seen at the even more important 200-day average, currently at $1,842.”
“We continue to stress that a closing break below $1,691-77 would be sufficient to complete a large ‘double top’, which would turn the risks lower over at least the next one-three months. We note that the next support should this top be triggered is seen at $1,618-16, then $1,560.”
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