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Home Spot Gold Gold Outlook: Société Générale Analysts Forecast Continued Uptrend

Gold Outlook: Société Générale Analysts Forecast Continued Uptrend

by anna

Economists at Société Générale have provided insights into the technical outlook for Gold (XAU/USD), suggesting that a recent pause in its upward trajectory is expected to be short-lived. Following a breakout above a multi-year rectangle pattern, indicating a resumption of its uptrend, Gold experienced an initial pullback after encountering an interim hurdle around $2,230 last week.

However, there are no clear signals indicating significant downside potential, with analysts highlighting the crucial support zone ranging from $2,075 to $2,065. The weekly Moving Average Convergence Divergence (MACD) indicator remains within positive territory, signifying the prevailing upward momentum in the market.

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According to Société Générale, the uptrend in Gold is anticipated to persist, with potential objectives located at $2,250 and projections extending to $2,360. The target for the rectangle pattern is estimated near $2,460, indicating further upside potential for Gold in the near term.

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