Gold resumes its upward trajectory after holding key help ranges, now difficult latest highs with upside targets in sight, Société Générale’s FX analysts be aware.
Gold pushes towards $3437 Excessive
“Gold broke out above a short-term descending pattern line denoting resumption in up transfer. Current pullback remained contained at that line and the 50-DMA denoting prevalence of upward momentum. Gold is now difficult latest pivot excessive ($3437).”
“Alerts of a giant draw back usually are not but seen. Defence of the MA at $3290 might lead to persistence of up transfer. Subsequent goals may very well be positioned at $3500 and projections of $3575/3585.”
