Gold breaks out of consolidation – Société Générale
Source Fxstreet
Gold has confirmed a bullish breakout above its multi-week consolidation, signalling a renewed uptrend. Prices may grind higher toward the October high near $4380 and potentially the $4540 projection, while the $4170–$4150 area is now critical support for maintaining upside momentum, Société Générale's FX analysts note.
Bullish trend reasserts itself
"Gold has broken above the upper boundary of its multi-week consolidation, highlighting a resumption of the uptrend. It may inch higher towards the October peak near $4380 and potentially towards the next projection at $4540."
"In the event of a short-term pullback, the recent pivot low around $4170/$4150 should act as key support. Defence of this zone is crucial for continuation in up move."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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