Gold has regained upward momentum. Strategists at Société Générale analyze the yellow metal’s technical outlook.
Gold looks poised to head higher towards the graphical levels of $2,070/$2075 representing highs of 2020 and 2022 and more importantly the upper part of the large sideways range which has been in force for more than three years.
The 200-DMA near $1,933 is near term support.
Once Gold overcomes the hurdle at $2,070/$2,075, next leg of uptrend is expected to materialize. Further objectives are located at projections of $2,180 and $2,240.