Gold Price Forecast: XAU/USD to complete a large “double top” on a break below $1,691/77 – Credit Suisse

Gold remains in a range. However, a major “double top” continues to threaten, as strategists at Credit Suisse note.

Sustained break above 55 DMA to confirm further ranging

“A convincing break above the 55-day average, currently seen at $1,786, would confirm further ranging in the two-year range, with next resistance then seen at the even more important 200-day average, currently at $1,842.”

“We continue to stress that a closing break below $1,691/77 would be sufficient to complete a large ‘double top’, which would turn the risks lower over at least the next one-three months. We note that the next support should this top be triggered is seen at $1,618/16, then $1,560.”