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- Gold Price Forecast: XAU/USD to grind higher towards $1,980 on a break above $1,875 – SocGen
Gold Price Forecast: XAU/USD to grind higher towards $1,980 on a break above $1,875 – SocGen
Gold has broken out from a small base by breaking above July/August/September peaks of $1,835. The yellow metal could extend its upmove on a break above the $1,875 mark, strategists at Société Générale report.
$1,835 and $1,810 are short-term support levels
“Gold 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.”
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