Gold remains under pressure and a major “double top” continues to threaten. The yellow metal could fall as low as $1,1451/40 on a close below $1,691/76, strategists at Credit Suisse report.

Only a convincing break above $1,759 would confirm further ranging in the two-year range

“We continue to stress that a closing break below $1,691/76 would be sufficient to complete a large ‘double top’, which would turn the risks lower over at least the next 1-3 months. We note that the next support should this top be triggered is seen at $1,618/16, then $1,560 and eventually $1,451/40.”

“Only a convincing break above the 55-day average at $1,759 would confirm further ranging in the two-year range, with next resistance then seen at the even more important 200-day average, currently at $1,835.”