We continue to emphasize that a close below $1691/$76 will help complete a major double top, which will move risks to the beautiful side for at least the next 1-3 months. We note that the next support if this top was found was at $1618/$16, then at $1560 and finally at $1451/40,” the analysts explained in their review.
Only a convincing break above the 55-day moving average at $1,746 an ounce confirms the continuation of the 2-year follow-up, according to the bank. The next resistance will be at the 200-day moving average, which is currently at $1,833 an ounce.