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.
Societe Generale analysts report that gold has been unable to maintain gains above its 200-day moving average, indicating a continued downward trend. A short-term decline is taking place, with resistance at the recent peak near $4,315. Support levels are expected around $4,095 and within the June/July trough area between $3,960 and $3,940.
Gold has had difficulty staying above the 200-DMA even during its recent rebound attempt, demonstrating the ongoing downward pressure. Should gold fail to recover the recent pivot high near $4,315, the decline may persist. The next key supports are around $4,095 and the June/July troughs at $3,960 and $3,940, which is considered a critical zone.
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