Gold Price Forecast: XAU/USD to climb as high as $1,923/1,930 – SocGen
|Gold surged to its strongest level since mid-November at $1,865 on Friday. Economists at Société Générale believe the yellow metal has potential to reach the November high of $1,877 and even the $1,923/1,930 area.
Last month's low of $1,790/1,780 to cushion downside
“Gold is now attempting a cross above the descending trend line which has capped the recoveries since September 2020. This break points towards possibility of a bounce towards last November's high of $1,877 and perhaps even towards projections of $1,923/1,930. It could be a crucial resistance.”
“Last month's low of $1,790/1,780 is expected to cushion downside near-term.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.