Gold Price Forecast: XAU/USD to target $1,917 on a weekly close above $1,877 – Credit Suisse

FXStreet Insights Team FXStreet

Gold continues to improve, but still has more work to do to mark an important break higher, in the opinion of strategists at Credit Suisse.

Break below $1,821 to alleviate upside pressure

“Gold has strengthened sharply and is above rising short, medium- and long-term averages and the spotlight is firmly on the $1,877 high of November. Only a weekly close above here though would suggest we are seeing a more sustainable move higher, for a test of $1,917 next. Above this latter level though would be seen to add momentum to a rally, raising the prospect of a move back to the $2075 high.”

“Below $1,821 is needed to ease the immediate upward bias but with a move below $1,780 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.”

See – Gold Price Forecast: XAU/USD to climb as high as $1,923/1,930 – SocGen

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FXStreet Insights Team

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