Gold is consolidating under key resistance at $3375, with technical indicators hinting at renewed bullish momentum. A breakout might open the trail towards $3450 and April’s highs close to $3500, whereas $3280 stays essential help, Société Générale’s FX analysts be aware.
Momentum builds as Gold consolidates
“Gold entered a consolidation part after encountering robust resistance close to $3500 in April. It has just lately fashioned a base with an higher restrict round $3375. The day by day MACD is above the equilibrium line and its set off, denoting a resurgence in upward momentum.”
“A break above $3375 might sign the resumption of the uptrend, with the following aims at $3450 and the earlier peak close to $3500/3520. The current pivot low at $3280 serves as a key help degree.”
