FXStreet notes that gold remains capped at its July/August highs at $1832/34, and strategists at Credit Suisse suggest that only above here would see a small base to open the path towards the $1871 mark.

“Gold strength has stalled at the July and August highs at $1832/34. Only a break above here would be seen to complete an in-range base to clear the way for a deeper recovery to $1871, then $1917.” 

“Only below $1671 though would mark a major top to mark an important change of trend lower with support then seen at $1620/15 initially, then $1565/60."

FXStreet reports that strategists at ANZ Bank reiterate their positive stance on gold over the next three months, as record-low U.S. real-yield, delay in tapering, expensive equity valuation and prospects of weaker U.S. dollar still suggest the XAU/USD to grind higher towards $1,900/oz. 

“Record low yields are again turning in favour of non-yielding gold investment.” 

“Weakness should continue to be a key support for investor demand.”

“Physical demand in India and China is set to improve ahead of festive season.” 

“Waning likelihood of monetary tightening looks supportive in the near-term.”