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

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.