Gold Price Forecast: XAU/USD to see damaging weakness on a break below $1775 – Credit Suisse

Gold (XAU/USD) remains entrenched in its range, but is capped at its July/August highs at $1832/34. A break below $1775 would lead to further falls, strategists at Credit Suisse report.

Only a break above $1834 would clear the way for a deeper recovery

“Gold extends its consolidation beneath the July and August highs at $1832/34. Below $1775 can reassert a negative bias again for a fall back to $1691.”

“Only below $1671 though would mark a major top for an important change of trend lower, with support then seen at $1620/15 initially, before $1565/60.” 

“Only a break above $1834 would be seen to complete an in-range base to clear the way for a deeper recovery to $1863, then $1917.”