Gold Price Forecast: XAUUSD to tank towards $1,691/77 on a weekly close below $1,828 – Credit Suisse

Gold slumped to its weakest level in nearly three months at $1,832 early Wednesday. Analysts at Credit Suisse expect XAU/USD to tumble towards the$1,691/77 support zone on a weekly close below $1,828.

Gold on course to test support from its uptrend and 200-day average at $1,838/28 

“We look for a fall back to the uptrend from last August and 200-day average at $1,838/28, but with fresh buyers expected here. A weekly close below $1,828 though would warn of a retest of pivotal long-term support at $1,691/77.”

“Above $1,998 is needed to reassert an upward bias for a retest of the $2,070/75 record highs.”