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Gold prices needs to clear $1,834 - Credit Suisse

Kitco News

Strategists at Credit Suisse have noted that gold  remains entrenched in its range, but could be capped at its July/August highs at $1832/34. 

However, the Swiss investment bank also notes, a break below $1775 would lead to further falls.

On the topside, any break above $1834 would clear the way for a deeper recovery, the analysts said. 

"Gold extends its consolidation beneath the July and August highs at $1832/34. Below $1775 can reassert a negative bias again for a fall back to $1691," they said.

Looking to the down said they said: "Only below $1671 though would mark a major top for an important change of trend lower, with support then seen at $1620/15 initially, before $1565/60."

Moving on to silver, the bank says the precious metal may still be forming a significant top. This would be confirmed on a break below $22.63, according to strategists at Credit Suisse.

Looking closer at the technicals, the report said, " a clear potential top continues to threaten." 

Silver has seen near-term consolidation above key price and "neckline" support, and a clear potential top continues to threaten."

Lastly, "Only a close below $22.63 though would see this confirmed to turn the core trend lower, with support then seen next at $21.68, then $19.65

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