Gold remains capped at its July/August highs at $1832/34. Only above here would see a small base to open the path towards the $1871 mark, strategists at Credit Suisse report.
Only below $1671 would mark an important change of trend lower
“Gold strength has stalled at the July and August highs at $1832/34. Only a break above here would be seen to complete an in-range base to clear the way for a deeper recovery to $1871, then $1917.”
“Below $1775 is needed to ease the immediate upward bias for a fall back to $1691.”
“Only below $1671 though would mark a major top to mark an important change of trend lower with support then seen at $1620/15 initially, then $1565/60.”