Gold Price Forecast: XAU/USD to confirm an extended uptrend once $2,070/$2,075 is overcome – SocGen

Gold has staged a steady bounce. Strategists at Société Générale analyze the yellow metal’s outlook.

Retest of $2,070/$2,075 on cards

A retest of the graphical levels at $2,070/$2,075 representing highs of 2020 and 2022 is expected. Interestingly, this is also the upper limit of the range within which Gold has evolved since last three years. Once this hurdle is overcome, Gold would confirm an extended uptrend. Next objectives are located at projections of $2,180 and $2,240.  

Last week’s low of $1,965 is first layer of support near term.