Gold is expected to re-confirm its “double top.” Thus, strategists at Credit Suisse expect further weakness during the fourth quarter.
Only a convincing weekly close above $1,724 would ease the pressure on gold
“Gold below $1,691/76 completed a large ‘double top’ but is now hovering slightly back above this level. However, we expect gold to come under renewed pressure during Q4, also due to the fact that it remains still clearly below the falling 200-day average, currently seen at $1,824. We note that the next support is seen at $1,620/14, then $1,560 and eventually $1,451/40.”
“Only a convincing weekly close above the 55-day average at $1,724 would ease the pressure on the precious metal, with next resistance then seen at the even more important 200-day average at $1,824, 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD wavers near 1.0300 ahead of US CPI
EUR/USD keeps its range near 1.0300 in the European trading hours on Wednesday. The pair treads water amid a tepid risk sentiment ahead of the US CPI inflation data release. Subdued US Dollar supports the pair, offsetting the dovish ECB commentary.
GBP/USD recovers above 1.2200 despite softer UK inflation data
GBP/USD extends recovery above 1.2200 in the European session on Wednesday. The Pound Srerling shakes off a surprise cooldown in the UK inflation. The December UK CPI inflation fell to 2.5% YoY vs. 2.7% expected. The focus now shifts to US CPI data.
Gold recovers ahead of US CPI inflation data
Gold’s price recovers initial weekly losses and edges higher for the second day in a row, trading in the $2,680s on Wednesday, after a softer-than-expected United States PPI release the previous day triggered substantial easing in US yields.
US CPI inflation set to rebound in December, core to remain high
Inflation in the US, as measured by the CPI, is expected to rise by 2.9% annually in November, up slightly from 2.7% in November. Core CPI inflation, which strips out the more volatile food and energy categories, is projected to hold steady at 3.3% from a year earlier.
Donald Trump’s World Liberty Financial crypto holdings loss over $4.8 million
Lookonchain data shows that Trump’s backed DeFi platform World Liberty Financial faces a $4.84 million loss in its crypto holdings. WLFI’s X account announced routine crypto movements for treasury management, fees, and working capital needs.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.