#XAUUSD @ 1633.76 Gold Price Forecast: to come under renewed pressure, next support at $1,614 – Credit Suisse
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
Gold 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.”
[/s2If]
Join Our Telegram Group
