Gold is under renewed pressure. A major “double top” continues to threaten, which would turn the risks lower over at least the next 1-3 months, strategists at Credit Suisse report.
Convincing break above the 55-DMA at $1,766 to confirm further ranging
“We continue to stress that a closing break below $1,691/76 would be sufficient to complete a large ‘double top’, which would turn the risks lower over at least the next 1-3 months. We note that the next support should this top be triggered is seen at $1,618/16, then $1,560 and eventually $1,451/40.”
“Only a convincing break above the 55-day average at $1,766 would confirm further ranging in the two-year range, with next resistance then seen at the even more important 200-day average, currently at $1,837.”