Gold Price Forecast: XAU/USD to struggle to overcome the $1808/1834 area – Credit Suisse
|Gold has extended its defence of major support from the lows for the year and 38.2% retracement of the entire 2015/2020 bull market at $1682/71. However, strategists at Credit Suisse expect the yellow metal to stall its recovery at the $1808/1834 resistance zone.
Break below $1671 to mark an important change of trend lower
“Strength now faces a test of a cluster of resistances including its 55 and 200-day averages and July and August highs at $1808/1834 and we expect this to cap the rebound and for the risk to lower again in the broader range.”
“Only below $1671 though would mark a major top to mark an important change of trend lower. We would then see support at $1620/15 initially, then $1565/60.”
“Above $1834 would suggest a more important low may be in place, for a test of the June high at $1917.”
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.