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.
Recommended Articles
On April 23, Eastern Time, Intel (INTC) reported its latest quarterly earnings results, showing that revenue grew 7% to $13.6 billion and earnings per share was $0.29, beating expectation
Gold price (XAU/USD) falls to around $4,690 during the early Asian session on Friday. The precious metal attracts some sellers amid a stronger US Dollar (USD) and elevated oil prices that stoked inflation worries.
Silver Price Forecast: XAG/USD plummets below $76 as oil price posts fresh weekly highSilver price (XAG/USD) is down almost 2.3% to near $76.00 during the European trading session on Thursday. The white metal faces selling pressure as oil prices extends its winning streak for the third trading day on Thursday.
Silver price (XAG/USD) is down almost 2.3% to near $76.00 during the European trading session on Thursday. The white metal faces selling pressure as oil prices extends its winning streak for the third trading day on Thursday.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – fades an Asian session spike to the $95.80-$95.85 area, or a one-and-a-half-week top, and retreats to the lower end of its daily range in the last hour.
JPMorgan Chase has raised its year-end target for the S&P 500, noting that the core driver is not a simple recovery in sentiment, but rather upward earnings revisions for AI-related techn
Related Instrument
