Gold Price Forecast: XAU/USD to suffer further falls with a top in place – Credit Suisse
|Gold remains solidly below $1,691/76, reinforcing its “double top.” Subsequently, strategists at Credit Suisse expect XAU/USD to extend its losses.
Weekly close above 55-Day Moving Average at $1,699 to alleviate downside pressure
“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. 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.