Gold Price Forecast: XAU/USD to climb as high as $1,923/1,930 – SocGen

FXStreet Insights Team FXStreet

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.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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