Gold Price Forecast: XAU/USD to open up support at $1,691/76 on removal of $1,759/54 – Credit Suisse

Gold has risen but remains caught in its broader range. XAU/USD snapped its recent uptrend to two-month highs of $1,854 and slumped to five-day lows just above $1,810 in the aftermath of the Fed decision. Strategists at Credit Suisse expect the yellow metal to suffer further losses on a break under $1,759/54.

Break above $1,877 is needed to ease fears of a top

“Below $1,759/54 remains needed to clear the way for a retest of key price and retracement support from the lower end of the range at $1,691/76. Only below here though would see a major top established to mark an important change of trend lower, with support then seen at $1,620/15 initially, before $1,572/61.”

“A break above $1,877 is needed to ease fears of a top, but with a break above $1,917 needed to suggest we are seeing a more sustainable move higher, potentially back to the $2,075 record high.”