Home Forex XAU/USD could suffer a significant decline towards $1,451/40 – Credit Suisse

XAU/USD could suffer a significant decline towards $1,451/40 – Credit Suisse

by SuperiorInvest

Gold confirmed a significant double top. Strategists at Credit Suisse expect the yellow metal to suffer further weakness.

Break above 55-DMA at $1,734 needed to ease downside pressure

“Gold below $1,691/76 has confirmed a big double top, reducing risks for at least the next 1-3 months. XAU/USD it is also now well below both the 55-day and 200-day moving averages, which are currently at $1,734/$1,831.”

“We see further support seen at $1,618/16, then $1,560 and finally $1,451/40.”

“Only a convincing break above the 55-DMA at $1,734 would ease pressure on the precious metal, and further resistance would then be seen at the even more important 200-DMA, currently at $1,831.”

Source Link

Related Posts

%d bloggers like this: