The gold price has confirmed an important “double top”. Credit Suisse strategists expect further weakness.
Major resistance seen at the 55-day SMA
“Gold below $1,691/$1,676 has confirmed a large “double top”which makes the risks to the downside for at least the next 1-3 months, with the precious metal also now hovering clearly below the 55-day and 200-day moving averages, currently seen at $1,726/$1,827.”
“We observed that next support is seen at $1,618/$1,616then in the $1,560 and finally in the $1,451/$1,440 “.
“Only a convincing break above the 55-day SMA at $1,726 would relieve pressure on the precious metal.with the next resistance then seen at the even more important 200-day moving average, currently at $1,827.”
Source: Fx Street
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