Gold breaks out of triangle, targets $3500 – Société Générale
Gold has surged above the top of its months-long ascending triangle, confirming a bullish breakout and signaling further upside. Momentum indicators remain supportive as prices near April’s $3500 peak, with $3575–$3600 the next key targets, Société Générale's FX analysts note.
Uptrend resumes as Gold clears key resistance
"Gold has broken above the upper boundary of the ascending triangle within which it consolidated since April, signaling a resumption of the uptrend. The daily MACD remains in positive territory and above its trigger line, indicating renewed upward momentum."
"Gold is now approaching the April high of $3500. Should a brief pullback occur, the upper end of the recent range near $3450 is likely to serve as initial support. Beyond $3500, the next upside projections are at $3575/3600 and $3650."
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FXStreet Insights Team
FXStreet
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