Gold stays sidelined and beneath the July and August highs and downtrend from August 2020 at $1,832/39. Strategists at Credit Suisse expect the yellow metal to head lower and fall below the $1,691/77 region.

Break above $1,834/39 to lessen the topping threat significantly

“We are mildly biased towards an eventual break lower, however, only a move below $1,691/77 would mark a major top for an important change of trend lower, with support then seen at $1,620/15 initially, before $1,565/60.”

“Only a break above $1,834/39 would be seen to complete an in-range base and lessen the topping threat significantly, instead clearing the way for a deeper recovery to $1,917.”