According to strategists at Credit Suisse, rising real yields should put further pressure on gold. XAU/USD has already seen an important break of support at $1765 to mark a top and a more serious fall.
“Gold has finally bowed to rising yields and the strengthening USD and key support at $1761 has been finally removed for the completion of a top. Although the 38.2% retracement of the 2018/2020 bull trend at $1726 is essentially holding for now we look for a clear break in due course for a fall to $1670 next, then $1620/15.”
“Resistance at $1816 capping can keep the immediate risk lower.”
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