Gold Price Forecast: XAU/USD to extend its race higher – SocGen

FXStreet Insights Team FXStreet

Gold is making new highs. Economists at Société Générale analyze the yellow metal’s outlook.

Objectives at $2,250/$2,360 after vaulting upper limit of multi-year range

Gold has established itself above the upper part of its multi-year range ($2,075) in the form of a rectangle; this denotes the uptrend has resumed. It has also overcome the peak achieved in December. The break from multi-year consolidation points towards the possibility of larger upside.

The up move is likely to extend towards the next objectives located at projections of $2,250 and $2,360. The target for the rectangle is located at $2,460.

The upper limit of the rectangle at $2,075 is near-term support.

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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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