Gold: Downtrend persists below 200dma – Societe Generale

Societe Generale analysts note Gold has failed to sustain gains above its 200-day moving average, reinforcing downward momentum. A short-term pullback is underway, with key resistance at the recent pivot high near $4,315. Supports are projected around $4,095 and in the June/July trough zone at $3,960/$3,940, which is described as crucial for the metal.

Precious metal faces key supports

"Gold has struggled to establish itself above the 200-DMA during its recent rebound attempt, highlighting the persistence of downward momentum."

"If Gold fails to reclaim the recent pivot high near $4,315, the decline may extend."

"The next supports are located around the projection of $4,095 and the June/July troughs at $3,960/$3,940, which is a crucial zone."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)