Gold: Downtrend persists below 200dma – Societe Generale
Societe Generale analysts note Gold has failed to sustain gains above its 200-day moving average, reinforcing downward momentum. A short-term pullback is underway, with key resistance at the recent pivot high near $4,315. Supports are projected around $4,095 and in the June/July trough zone at $3,960/$3,940, which is described as crucial for the metal.
Precious metal faces key supports
"Gold has struggled to establish itself above the 200-DMA during its recent rebound attempt, highlighting the persistence of downward momentum."
"If Gold fails to reclaim the recent pivot high near $4,315, the decline may extend."
"The next supports are located around the projection of $4,095 and the June/July troughs at $3,960/$3,940, which is a crucial zone."
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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