Gold Price Forecast: XAU/USD could fall to $1,810/$1,805 on a weekly close below $1,893 – Credit Suisse

Gold remains under pressure. Economists at Credit Suisse analyze XAU/USD technical outlook.

Gold spotlight turns back to the $1,904/$1,893 key support cluster 

Spotlight is back on key support and the 38.2% retracement of the 2022/2023 uptrend, 200-DMA and June low at $1,904/$1,893. We maintain our bias to look for this to hold again, but with a break above $1,947 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 to be seen. 

A weekly close below $1,893 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.