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- Gold Price Forecast: XAU/USD to plunge towards $1,691/77 on a break below $1,759 – Credit Suisse
Gold Price Forecast: XAU/USD to plunge towards $1,691/77 on a break below $1,759 – Credit Suisse
Gold stays entrenched in its lengthy sideways range. Economists at Credit Suisse expect the yellow metal to retest the long-term pivotal support at $1,691/77 on the removal of $1,759.
Only above $1,917 would imply an important turn higher
“Gold remains entrenched in its sideways range with immediate support seen at $1,759, removal of which can see a retest of long-term pivotal support at $1,691/77. Beneath this latter area at any stage would in our view mark a major top.”
“Resistance at $1,877 is now expected to cap but only above $1,917 would suggest we are seeing an important turn higher.”
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