The Gold achieved a strong V -shaped recovery after a setback in early April, maintaining a key support of about $ 3,135. In spite of the overcompra signs, the impulse remains intact, now in the upcoming rising objectives at $ 3,290 and 3,345/$ 3,370, indicate the foreign exchange analysts of Société Générale.
The impulse accumulates despite the stretched indicators
“Gold experienced a brief setback in the first week of April and approached the DMA of 50. It formed a minimum of about 2,955 $ and has evolved within a V -shaped recovery. The daily MACD is registering maximum of several months that denote a stretched movement; however, the signs of a significant decline are not yet visible.”
“The maximum of March in 3,135/3,128 $ is the first support layer. Defending this can result in the continuation of the upward trend. The next projections are at $ 3,290 and 3,345/3,370 $.”
Source: Fx Street
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