Gold Price Forecast: XAUUSD to fall further towards $1,691/77 – Credit Suisse

Gold tested $1,800 on Monday but managed to reverse its direction. Economists at Credit Suisse expect the yellow metal to suffer additional losses towards the $1,691/77 zone.

Gold/Silver ratio holding a major base to reinforce the likelihood gold still outperforms

“Gold has broken support from its uptrend from last August and 200-day average at $1,838/28 to warn of a retest of pivotal long-term support from the lower end of the two-year range at $1,691/77. Only below here though would see an important top established here also.”

“The Gold/Silver ratio has completed a major base to suggest that gold should continue to outperform silver and even though gold can weaken on an outright basis, it is still more likely weakness within the broader range for now.”