Famous Bank Warns: Gold Could Drop To These Levels!

According to experts, gold continues its consolidation below $1,832 and $1,834, the highs of July and August. The XAU/USD pair climbed above $1,780 on Wednesday but reversed its direction in the second half of the day. Today, although it sees levels very close to $1,790, it changes hands at $1,783 at the time of writing. So what’s next? Precious metal bullish direction? Or is it the downward direction?

Credit Suisse strategists: Gold will come under pressure

Although trading at $1,783 at the time of writing, the yellow metal will only come under pressure below the $1,691 and $1,677 region, according to strategists at Credit Suisse. cryptocoin.com As we have also reported, the bank’s strategists have drawn attention to these levels before. According to the bank’s strategists, it is necessary to break above $1,834 and $1,845 to pave the way for a deeper recovery to $1,917. Strategists use the following expressions in their explanations:

Although bearish pressure appears to be increasing, only levels below $1,691/1,677 will be a key top for a key bearish reversal change, then support at $1,620/1,615; then it will see $1,655/1.560. Only a break above $1,834/1.845 will appear to complete the bases of the range to pave the way for a deeper recovery to $1,917.

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