This has been published by Credit Suisse and I am just publishing the chart as per their analysis. This is what they wrote:
CREDIT SUISSE
“Gold maintains a top below $1765/61 and we view the current bounce as temporary and we look for a fresh fall to retest $1682/71 – the 38.2% retracement of the entire 2015/2020 bull market and the recent and June 2020 lows.”
“With US real yields and the USD expected to strengthen further our bias stays to the downside in Q2 for a move below $1682/71 with support then seen next at $1620/15 and ultimately the ‘measured top objective’ and 50% retracement at $1564/61. Whilst an overshoot to $1510 should be allowed for, our bias would be to start to look for a floor here.”
So this is what Big Players are aiming!
CREDIT SUISSE
“Gold maintains a top below $1765/61 and we view the current bounce as temporary and we look for a fresh fall to retest $1682/71 – the 38.2% retracement of the entire 2015/2020 bull market and the recent and June 2020 lows.”
“With US real yields and the USD expected to strengthen further our bias stays to the downside in Q2 for a move below $1682/71 with support then seen next at $1620/15 and ultimately the ‘measured top objective’ and 50% retracement at $1564/61. Whilst an overshoot to $1510 should be allowed for, our bias would be to start to look for a floor here.”
So this is what Big Players are aiming!