Gold is under new pressure. A major “double top” remains threatening, which would turn risks to the downside for at least the next 1-3 monthsreport Credit Suisse strategists.
Break above the 55 DMA at $1,766 to confirm further range
“We continue to insist that a closing break below $1,691/76 would be enough to complete a large ‘double top’, which would put risks to the downside for at least the next 1-3 months. We note that the Next support should this top be triggered is seen at $1618/$16, then $1560 and finally $1451/40.”
“Only a convincing break above the 55-day SMA at $1,766 would confirm a further swing into the two-year range, with next resistance then seen at the even more important 200-day SMA, currently at $1,837.”
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
