Gold: Range cap signals pullback risk – Societe Generale
Societe Generale analysts observe that Gold has formed an interim low near $4,065 and is consolidating in a narrow range. They flag resistance at $4,200/4,225 and warn that failure to break higher could trigger a deeper correction toward the June low at $3,960/3,940 and projections near $3,830, with $4,065 acting as initial support.
Societe Generale analysts have noted that gold has reached a temporary low around $4,065 and is presently confined within a restricted range. They have highlighted a resistance level at $4,200/$4,225, and caution that a failure to surpass this mark could precipitate a more profound correction down towards the June low of $3,960/$3,940, potentially reaching $3,830, with $4,065 acting as the initial support.
Earlier this month, gold established an interim low near $4,065 and has since remained within a narrow range. The upper limit of this range signifies a short-term resistance, and a breach of this threshold may indicate a risk of a deeper pullback. Conversely, the lower boundary of the consolidation around $4,065 serves as the primary support.
A decline below this level may extend the downturn towards the June low of $3,960/$3,940 and the anticipated levels near $3,830.
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