Gold breaks higher after consolidation – Société Générale
|Gold has broken out of a narrow consolidation above its December peak, signaling a renewed upswing in bullish momentum, Société Générale's FX analysts note.
Gold targets $4,765 as uptrend reasserts
"Gold crossed the December peak last week and evolved within a narrow range. It has now broken out of this consolidation with a gap, signaling a resurgence of upward momentum."
"Gold is likely to inch higher gradually towards the upper boundary of a steep ascending channel near $4765 and projections around $4850. The December high at $4550/$4535 may serve as an important short‑term support."
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