Gold: Slide below $4,000 tests key supports – Societe Generale
Societe Generale analysts note that Gold has broken below its 200-day moving average and the March trough, triggering an accelerated decline. Prices are drifting toward last October’s $3,930–3,885 support zone, with a potential rebound hinging on holding this area. The March low near $4,100 is flagged as first resistance, with failure there risking a persistent downtrend.
Break of 200‑DMA fuels downside pressure
"Gold gave up the 200-DMA in June and gradually breached the trough of March resulting in an accelerated decline. It is drifting towards the trough of last October around $3,930/3,885, which could be a potential support."
"The down move appears a bit stretched; however, it will be important to observe whether Gold can hold above this zone and attempt a durable rebound. First hurdle could be located at the March low of $4,100."
"An inability to cross this resistance may lead to persistence in downtrend."
"The slump in Gold below $4,000/oz signals capitulation in crowded debasement FX trade."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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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