Gold: Uptrend resumes toward $3500 – Société Générale
Source Fxstreet
Gold resumes its upward trajectory after holding key support levels, now challenging recent highs with upside targets in sight, Société Générale's FX analysts note.
Gold pushes toward $3437 High
"Gold broke out above a short-term descending trend line denoting resumption in up move. Recent pullback remained contained at that line and the 50-DMA denoting prevalence of upward momentum. Gold is now challenging recent pivot high ($3437)."
"Signals of a large downside are not yet visible. Defence of the MA at $3290 may result in persistence of up move. Next objectives could be located at $3500 and projections of $3575/3585."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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