Gold edged higher last week but ultimately remains capped beneath the July and August highs at $1832/34. Strategists at Credit Suisse expect the yellow metal to grind lower towards $1691/77.

Only a break above $1834/39 would signal a deeper recovery

“We are mildly biased towards an eventual break lower, however only a move below $1691/77 would mark a major top for an important change of trend lower, with support then seen at $1620/15 initially, before $1565/60.”

“Only a break above $1834/39 would be seen to complete an in range base and lessen the topping threat significantly, instead clearing the way for a deeper recovery to $1917.”