Gold uptrend accelerates, MACD hits multiyear high – Société Générale
|Gold continues to push higher after defending its 50-day moving average, with no immediate signs of exhaustion. As technical momentum strengthens, key resistance levels lie ahead at $3515 and beyond, though the overbought backdrop suggests risks of short-term volatility remain, Société Générale's FX analysts note.
The $3325 support in focus as bullish momentum builds
"Gold defended the 50-DMA in last pullback attempt and has experienced acceleration in its uptrend. Daily MACD is registering multiyear high denoting a stretched uptrend in short-term. However, signals of a meaningful pullback are not yet visible."
"Low achieved earlier this week at $3325 is near term support. Break below could denote possibility of a brief decline. Next projections are located at $3515/3550 and $3660."
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.