Gold (XAU/USD) topped $2,100 on Monday. Economists at Société Générale analyze the yellow metal’s outlook.
$2,075 is near-term support
Gold has established itself above the upper part of multi-year range ($2,075) in the form of a rectangle; this denotes the uptrend has resumed. It is fast approaching the peak achieved in December near $2,135/$2,140 which is also the trend line connecting highs of 2011 and 2020. This could be a tentative resistance but break from multi-year consolidation points towards possibility of larger upside.
Upper limit of the rectangle at $2,075 is near-term support.
Once Gold overcomes the hurdle at $2,135/$2,140, the up move is likely to extend; next objectives could be located at projections of $2,250 an $2,360.
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