XAU/USD needs to break 55-DMA at $1,934 to ease pressure – Credit Suisse

Gold is still trying to hold the $1,908/$1,892 key support cluster. Economists at Credit Suisse analyze XAU/USD technical outlook.

Weekly close below $1,892 would mark a more important top

We maintain our bias to look for key support and the 38.2% retracement of the 2022/2023 uptrend, 200-DMA and June low at $1,908/$1,892 to hold again, but with a break above the 55-DMA, now at $1,934 seen needed to ease the pressure off this support and above $1,988 to clear the way for a retest of major resistance at the $2,063/$2,075 record highs.

A weekly close below $1,892 though would be seen to mark a more important top to reinforce the longer-term sideways range, and a fall to support next at $1,810/$1,805.