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Gold: Range ceiling points to pullback risk – Societe Generale
$4,065 is the approximate interim low identified by Societe Generale analysts for Gold. The metal is now trading within a tight consolidation range. The analysts identify resistance at $4,200/4,225, warning that a failure to break above it could lead to a deeper correction towards the June low at $3,960/3,940 and projections near $3,830. Initial support stands at $4,065.
$4,065 support in focus as Gold consolidates with downside risk
"Gold carved out an interim low near $4,065 earlier this month and has since evolved within a narrow consolidation."
"The upper boundary of this range at $4,200/4,225 represents a short-term resistance zone."
"Failure to overcome this hurdle could denote the risk of a deeper pullback."
"The lower boundary of the consolidation near $4,065 serves as the first support."
"A break below this may extend the decline towards the June low at $3,960/3,940 and projections near $3,830."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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