Gold has rebounded from an interim low near $4,270 and broken above its December high, signalling renewed upside momentum after successfully defending its multi-month rising trend line, Société Générale’s FX analysts note.
Bullish momentum returns for Gold
“Gold carved out an interim trough near $4,270 during the last pullback attempt, successfully defending a multi-month ascending trend line. It is now breaking above December high, signalling a resurgence in upward momentum.”
“The next projections are at $4,645 and $4,685/$4,720. The recent pivot low at $4,400 now serves as an important support. Holding this will be crucial to avert a short-term decline.”