Gold has retreated toward $1,850. According to strategists at Credit Suisse, XAU/USD’s weakness continues to ideally hold its 200-day average at $1840.
See – Gold Price Analysis: XAU/USD to end the year at $1800, potential for a nosedive to $1500 by end-2022 – OCBC
Gold to advance towards the $1941/66 neighborhood
“Gold approaches the FOMC still above its 200-day average, now at $1840. We stay biased higher and look for this to continue to hold for a move to resistance seen at the high for the year, November 2020 high and potential trend resistance at $1941/66.”
“Whilst we would expect $1943/66 to cap again for now to maintain the broader consolidation range, an eventual break should open the door to a move back to the $2075 record high.”
“A close below $1840 though would mark a near-term top to reinforce a broader sideways trend with support seen next at $1809/05 and then more importantly at $1765/55.”