Gold Price Forecast: XAUUSD to sink towards $1,691/77 on a drop under $1,787 – Credit Suisse

Gold stays sidelined. $1787 and $1,874/79 are the key levels to watch to determine the yellow metal’s next direction, strategists at Credit Suisse report.

Move above $1,874/79 to see the near-term risk turn higher

“Beneath $1,787 though remains needed to reinject downside momentum again for a test of the lower end of the two-year range at $1,691/77. Only below here though would see an important top established.”

“Above $1,874/79 would see the near-term risk turn higher in the broader range with resistance then seen next at $1,895, then $1,920.”