Gold is consolidating below key resistance at $3375, with technical indicators hinting at renewed bullish momentum. A breakout could open the path toward $3450 and April’s highs near $3500, while $3280 remains crucial support, Société Générale’s FX analysts note.
Momentum builds as Gold consolidates
“Gold entered a consolidation phase after encountering strong resistance near $3500 in April. It has recently formed a base with an upper limit around $3375. The daily MACD is above the equilibrium line and its trigger, denoting a resurgence in upward momentum.”
“A break above $3375 could signal the resumption of the uptrend, with the next objectives at $3450 and the previous peak near $3500/3520. The recent pivot low at $3280 serves as a key support level.”
