Gold Price Forecast: XAU/USD trend to shift lower below $1682/71 – Credit Suisse

Gold has seen renewed bearish pressures in the last days. In the view of strategists at Credit Suisse, XAU/USD is set to test the $1682/71 region while not ruling out a deeper fall.  

See – Gold Price Forecast: XAU/USD to remain in a precarious state while below $1803-$1831 – DBS Bank

XAU/USD below $1682/71 would mark a major top

“Gold has been consistently capped at its 200-day average and with the USD strengthening and US Real Yields moving back higher, bearish pressures have sharply re-surfaced.”

“Whilst $1790 caps, the immediate risk is seen lower for a retest of pivotal support from the lows for the year and 38.2% retracement of the entire 2015/2020 bull market at $1682/71.”

“Below $1682/71 would mark a significant top to mark an important change of trend lower. We would then see support at $1620/15 initially, then $1565/60.”