Gold Price Forecast: XAU/USD to suffer further weakness on a dip below $1691/77 – Credit Suisse

Gold extends its consolidation beneath the July and August highs at $1832/34. XAU/USD climbed above $1,780 on Tuesday but reversed its direction in the second half of the day. The yellow metal is set to come under pressure only below the $1691/77 region, strategists at Credit Suisse report.

Break above $1834/45 to clear the way for a deeper recovery to $1917

“Although downward pressure is seen increasing, only below $1691/77 would mark a major top for an important change of trend lower, with support then seen at $1620/15 initially, before $1565/60.”

“Only a break above $1834/45 would be seen to complete an in range base to clear the way for a deeper recovery to $1917.”

See – Gold Price Forecast: XAU/USD's bullish potential limited amid higher real yields – ANZ