Gold: Downtrend eyes $4,000 support zone – Societe Generale
Societe Generale strategists note that Gold has extended its pullback after failing to hold above the 200-day moving average near $4,510–$4,540. Prices are drifting toward an interim projection around $4,095, with a break of this level seen opening downside toward $4,000 and the June/July troughs at $3,960–$3,940, which mark the lower boundary of a critical multi-month support range.
Key supports under growing pressure
"Gold has extended its pullback after struggling to establish itself above the 200-DMA at $4,510/$4,540."
"It is now drifting towards the interim projection near $4,095, which could act as a potential support."
"If Gold fails to overcome the recent pivot high around $4,225, the decline may continue."
"This zone represents the lower boundary of a multi-month range and remains a critical support."
"An inability to defend the $4,095 could deepen the downtrend towards $4,000 and the June/July troughs at $3,960/$3,940."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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