Gold: Breakout sustains upward momentum – Societe Generale
Societe Generale analysts highlight that Gold has broken out of a small base formation, reclaimed its 200‑DMA and is enjoying an extended rebound. The move is framed within broader Dollar debasement concerns and rising term premium. The bank flags successive upside hurdles at $4,730/$4,770 and the April peak at $4,890, with the 200‑DMA near $4,510 seen as key support.
Key hurdles and moving average
"Gold broke out of a small base formation earlier this month and has now reclaimed the 200-DMA, resulting in an extended rebound."
"A cross above this longer-term moving average denotes a resurgence of upward momentum."
"Defence of the moving average, now near $4,510, will be crucial for the persistence of this phase of rebound."
"For Gold, the next potential hurdles could be located at $4,730/$4,770 before the April peak at $4,890."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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
