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Gold Price Forecast: XAU/USD to sink towards $1,691/76 on a break below $1,759/54 – Credit Suisse

Gold still remains trapped in the converging range of the past year and continues to hover at the sideways creeping 200-day average (DMA), currently at $1,805. Economists at Credit Suisse expect XAU/USD to retest the $1,691/76 area on a break under $1,759/54.

Break above $1,877 is needed to ease fears of a top

“Below $1,759/54 remains needed to clear the way for a retest of key price and retracement support from the lower end of the range at $1,691/76. Only below here though would see a major top established to mark an important change of trend lower, with support then seen at $1,620/15 initially, before $1,572/61.”

“A break above $1,877 is needed to ease fears of a top, but with a break above $1,917 needed to suggest we are seeing a more sustainable move higher, potentially back to the $2,075 record high.”

 

GBP/JPY climbs to two-week high, closer to mid-155.00s ahead of BoE announcement

The GBP/JPY cross reversed an intraday dip and climbed to a two-week high, around the 155.40 region during the early European session. The cross attra
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EUR/GBP to slip below 0.83 with the BoE in dynamic tightening mode – ING

The Bank of England (BoE) is set to hike its policy rate by 25 basis points to 0.5%. With the “Old Lady” well ahead of the European Central Bank (ECB)
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