Gold breaks higher after consolidation – Société Générale
Source Fxstreet
Gold has broken out of a narrow consolidation above its December peak, signaling a renewed upswing in bullish momentum, Société Générale's FX analysts note.
Gold targets $4,765 as uptrend reasserts
"Gold crossed the December peak last week and evolved within a narrow range. It has now broken out of this consolidation with a gap, signaling a resurgence of upward momentum."
"Gold is likely to inch higher gradually towards the upper boundary of a steep ascending channel near $4765 and projections around $4850. The December high at $4550/$4535 may serve as an important short‑term support."
Disclaimer: The content available on Mitrade Insights is provided for informational and marketing purposes only. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
Recommended Articles
The USD/CHF pair edges up to near 0.7900 during the late Asian trading session on Monday. The Swiss Franc pair trades mildly higher as the US Dollar (USD) ticks up, with the US Dollar Index (DXY) rising to near 98.15.
Cardano (ADA) is extending its correction, trading below $0.29 at the time of writing on Thursday after posting two consecutive red candlesticks over the previous two days.
Ripple Prime, the institutional prime brokerage platform of Ripple, has integrated Hyperliquid (HYPE) in an effort to expand into the decentralized finance landscape.
Silver prices (XAG/USD) rose on Monday, according to FXStreet data. Silver trades at $81.78 per troy ounce, up 5.54% from the $77.48 it cost on Friday.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $63.80 during the early Asian trading hours on Tuesday. The WTI price falls as concerns about supply disruptions in the Middle East have faded.
Related Instrument
