Gold Price Forecast: XAU/USD next objectives at $2,250/$2,360 – SocGen
Source Fxstreet
Economists at Société Générale analyze Gold (XAU/USD) technical outlook.
Pause likely short-lived
Gold recently gave breakout above multi-year rectangle denoting resumption in uptrend. It has staged an initial pullback after facing interim hurdle at $2,230 last week. Signals of large downside are not yet visible. Upper part of the pattern at $2,075/$2,065 should be a crucial support zone.
Weekly MACD is anchored within positive territory highlighting prevalence of upward momentum. The uptrend is likely to persist. Next potential objectives are located at $2,250 and projections of $2,360. Target for the rectangle is located near $2,460.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
As one of the most traded currency pair in the forex markets, the price of EURUSD affects many traders. Check out our EURUSD long-term forecast for more information.
The Australian Dollar has been through a upward trend since 2022. Will it continue its upward trend in the long-term?
The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Why Cisco Systems Stock Zoomed More Than 4% Higher TodayAn analyst recommendation upgrade was the news propelling the stock of Cisco Systems (NASDAQ: CSCO) skyward on Wednesday. Investors took the bullish new rating to heart, pushing into shares of the veteran computer networking company and sending them more than 4% higher in price.
An analyst recommendation upgrade was the news propelling the stock of Cisco Systems (NASDAQ: CSCO) skyward on Wednesday. Investors took the bullish new rating to heart, pushing into shares of the veteran computer networking company and sending them more than 4% higher in price.
Related Instrument
