Gold Price Forecast: XAU/USD to open up support at $1,691/76 on removal of $1,759/54 – Credit Suisse
|Gold has risen but remains caught in its broader range. XAU/USD snapped its recent uptrend to two-month highs of $1,854 and slumped to five-day lows just above $1,810 in the aftermath of the Fed decision. Strategists at Credit Suisse expect the yellow metal to suffer further losses on a break under $1,759/54.
Break above $1,877 is needed to ease fears of a top
“Below $1,759/54 remains needed to clear the way for a retest of key price and retracement support from the lower end of the range at $1,691/76. Only below here though would see a major top established to mark an important change of trend lower, with support then seen at $1,620/15 initially, before $1,572/61.”
“A break above $1,877 is needed to ease fears of a top, but with a break above $1,917 needed to suggest we are seeing a more sustainable move higher, potentially back to the $2,075 record high.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.