Gold is especially seen at risk if real yields rise. Strategists at Credit Suisse are on high alert for the potential formation of an important top also, although this would only be seen confirmed below $1,691/77.

The risk of a potential large top is growing

“With US Real Yields still seen in the process of basing and with the USD expected to strengthen further, XAU/USD stays seen under pressure in its range and below support at $1,759/58 can see a retest of long-term pivotal support at $1,691/77. 

“Beneath the $1,691/77area at any stage would mark a major top with just initial support then seen next at $1,561.”

“Resistance at $1,877 ideally continues to cap.”