Gold Price Forecast: XAU/USD to come under renewed pressure, next support at $1,614 – Credit Suisse Gold XAUUSD Banks
has reinforced its “double top.” Strategists at Credit Suisse expect the yellow metal to suffer further weakness.“Gold below $1,691/76 has reinforced its existing large ‘double top’. Hence, with a top in place, we expect gold to come under renewed pressure. We note that the next support is seen at $1,614, then $1,560 and eventually $1,451/40.”
“Only a convincing weekly close above the 55-day average at $1,712 would ease the pressure on the precious metal, with next resistance then seen at the even more important 200-day average, currently at $1,817, which we would expect to cap at the very latest.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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