Gold Price Forecast: XAU/USD to open up support at $1,691/76 on removal of $1,759/54.

Gold has risen but remains caught in its broader range. XAU/USD snapped its recent uptrend to two-month highs of $1,854 and slumped to five-day lows just above $1,810 in the aftermath of the Fed decision. Strategists at Credit Suisse expect the yellow metal to suffer further losses 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.”Gold drops towards $1,800 on bullish channel break, US GDP eyed.Gold drops towards $1,800 on bullish channel break, US GDP eyed.Gold prices remain pressured after posting the heaviest daily fall in two months. Hawkish Fed, geopolitical concerns weigh on market sentiment. DXY jumps to six-week high, yields struggles after rising the most in three weeks.

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