Gold Price Forecast: XAU/USD to see an additional major rally on a break above $1,877 – Credit Suisse

FXStreet Insights Team FXStreet

Gold looks to be finding better support in its broader sideways range. But strategists at Credit Suisse notes that the yellow metal needs to break above $1,877 to see a sustained leg higher.

Break under $1,780 to ease upward bias

“Gold remains well supported in the converging range of the past year but needs to clear $1,854 to suggest the downtrend from early 2021 break and above $1,877 to suggest we are seeing a more sustainable move higher, for a test of $1,917 next.”

“Below $1,780 is needed to ease the immediate upward bias for a fall back to $1,759/54, but with a break below here 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 $1,691/76 though would see a major top established to mark an important change of trend lower.”

See – Gold Price Forecast: XAU/USD to trade at $1,800 towards the end of Q1 2022 – ANZ

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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