Gold Price Forecast: XAU/USD eyes $1,980 on a break above $1,875 – Societe Generale

Dhwani Mehta FXStreet

Analysts at Societe Generale offer their technical outlook on gold price, with the upside opening up towards $1,980 if the $1,875 barrier is surpassed.

Key quotes

“Gold price is marching towards a multi-month descending trend line near $1,875.”

“A break above $1,875 would denote an extended rebound towards projections of $1,930 and graphical levels of $1,965/$1,980.”

“Daily MACD has entered positive territory which denotes upside momentum is regaining.”

“Upper band of the base near $1,835 and $1,810 are short-term support levels.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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