Gold Price Forecast: XAU/USD to mark a change of trend lower only below $1691/71 – Credit Suisse

Gold remains entrenched in its range, although still capped at its July/August highs at $1832/34, strategists at Credit Suisse report.

XAU/USD to enjoy a deeper recovery on a break above $1834

“Gold extends its consolidation beneath the July and August highs at $1832/34. Although downward pressure is seen increasing, only below $1691/71 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 would be seen to complete an in-range base to clear the way for a deeper recovery to $1860, then $1917.”