Gold has reinforced its “double top”. Strategists at Credit Suisse expect further weakness.

Convincing weekly close above $1,687 needed to ease the pressure

“Gold below $1,691/76 has reinforced its existing large ‘double top.’ Hence, with a top in place, we expect XAU/USD to come under renewed pressure. We note that the next support is seen at $1,614, then $1,560 and eventually our core objective at $1,451/40.”

“Only a convincing weekly close above the 55-day average at $1,687 would ease the pressure on the precious metal, with next resistance then seen at the even more important 200-day average, currently at $1,808, which we would expect to cap at the very latest.”