Gold Price Analysis: XAU/USD set to retest the key support at $1682 – Credit Suisse

Gold (XAU/USD) has been capped for now at $1755/65 to maintain its immediate downside bias, the Credit Suisse analyst team reports. 

See – Gold Price Analysis: XAU/USD needs a catalyst to unlock a breakout – DBS Bank

XAU/USD to recover once above $1765 

“Gold strength has been capped, for now at least, below resistance at $1755/65 and whilst below here the outlook will stay seen lower for a retest of key support at $1682/71 – the 38.2% retracement of the entire 2015/2020 bull market and the recent and June 2020 lows. An eventual break in due course can see support next at $1620/15 and ultimately the ‘measured top objective’ and 50% retracement at $1564/61.”

“Above $1765 though would instead see a near-term base established for a deeper recovery to $1855/75, but with a fresh cap looked for here.”