Gold: Range cap signals pullback risk – Societe Generale
Societe Generale analysts observe that Gold has formed an interim low near $4,065 and is consolidating in a narrow range. They flag resistance at $4,200/4,225 and warn that failure to break higher could trigger a deeper correction toward the June low at $3,960/3,940 and projections near $3,830, with $4,065 acting as initial support.
Consolidation with downside potential
"Gold carved out an interim low near $4,065 earlier this month and has since evolved within a narrow consolidation."
"The upper boundary of this range at $4,200/4,225 represents a short-term resistance zone."
"Failure to overcome this hurdle could denote the risk of a deeper pullback."
"The lower boundary of the consolidation near $4,065 serves as the first support."
"A break below this may extend the decline towards the June low at $3,960/3,940 and projections near $3,830."
(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
