Gold trend to shift lower below $1682/71 – Credit Suisse

Market news

11 August 2021

Gold trend to shift lower below $1682/71 – Credit Suisse

FXStreet reports that strategists at Credit Suisse discuss XAU/USD prospects.

“Gold has been consistently capped at its 200-day average and with the USD strengthening and US Real Yields moving back higher, bearish pressures have sharply re-surfaced. Whilst $1790 caps, the immediate risk is seen lower for a retest of pivotal support from the lows for the year and 38.2% retracement of the entire 2015/2020 bull market at $1682/71.Below $1682/71 we would see support at $1620/15 initially, then $1565/60.”

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