Gold is under further short-term pressure but still remains range wide. Credit Suisse Strategists expect the yellow metal to test $1,616 support.
Gold will complete a big top if it falls below $1,616
“We wait a 38.2% Fibonacci retracement test of the entire 2018-2020 uptrend around $1,724. Below that level would open the door for a test of the indicated weekly lows of $1,684/76, before the most important 50% retracement at $1,616, where we would expect a new bottom to be established to keep the market in a range. However, if that level is not maintained, a great ceiling would be completed.”
“Above the confluence of the key 55-day and 200-day moving averages at $1,847, a further stabilization would be seen of the most significant market”.
Source: Fx Street
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