Gold (XAU/USD) remains consistently capped at its 200-day average (DMA) at $1820 to leave it trapped in the sideways range of the past year, strategists at Credit Suisse report.
Gold Price Forecast: Four factors support a XAU/USD leg higher – ANZ
“Gold stays sidelined in its broad neutral range, still capped at its 200-day average at $1820. A close above here and then the $1834 recent high stays needed to reassert an upward bias and open the door to a move back to more important resistance at $1917/66.”
“Key in-range price support remains seen at $1755/51 a close below which would warn of a retest of more important support at the $1682/71 YTD low and 38.2% retracement.”