Gold Price Forecast: XAU/USD next objectives at $2,250/$2,360 – SocGen
Source Fxstreet
Economists at Société Générale analyze Gold (XAU/USD) technical outlook.
Pause likely short-lived
Gold recently gave breakout above multi-year rectangle denoting resumption in uptrend. It has staged an initial pullback after facing interim hurdle at $2,230 last week. Signals of large downside are not yet visible. Upper part of the pattern at $2,075/$2,065 should be a crucial support zone.
Weekly MACD is anchored within positive territory highlighting prevalence of upward momentum. The uptrend is likely to persist. Next potential objectives are located at $2,250 and projections of $2,360. Target for the rectangle is located near $2,460.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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Gold price (XAU/USD) trades in negative territory around $4,705 during the early Asian session on Thursday. The precious metal edges lower amid a temporary two-week ceasefire between the US and Iran.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – trades with a mild positive bias during the Asian session on Friday, though it lacks bullish conviction amid hopes of Iran ceasefire stabilizing.
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