Gold resumes its uptrend – Societe Generale
Source Fxstreet
Gold resumed its uptrend after breakout from a multi-month consolidation and has reached $2940, Societe Generale’s FX analysts report.
Gold can reach the $2985/3000 range
“The move is a bit stretched but signals of a meaningful pullback are not yet visible. Recent pivot low of $2830 will be a potential support in case a brief decline develops.”
“Defence of this can lead to persistence in up move. Beyond $2940, next potential hurdle could be located at the upper limit of an ascending channel near $2985/3000.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Ethereum (ETH) climbed above $2,900 on Thursday, mimicking the rally seen in Bitcoin.
Bitcoin (BTC) traded above 4% on Thursday after soaring to a new all-time high above $116,800. The rally, which appears to be leverage-driven, triggered over a $1 billion short-squeeze across the entire crypto market.
The Japanese Yen (JPY) drifts lower against a broadly stronger US Dollar (USD) during the Asian session on Friday.
Dogecoin started a fresh increase above the $0.180 zone against the US Dollar.
Gold price (XAU/USD) is gaining positive traction for the third consecutive day on Friday and approaching the top end of its weekly range amid rising trade tensions.
Related Instrument
