The price of Gold is taking a pause after prices reached a new all-time high last week. Société Générale economists analyze the technical outlook for XAU/USD.
Targets $2,250/$2,360 after breaking upper limit of multi-year range
Gold price has settled above the top of its multi-year range ($2,075) in a rectangle shape; This denotes that the uptrend has resumed. It has also surpassed the maximum reached in December. The breakout of the multi-year consolidation points to the possibility of a further rise.
The bullish movement is likely to extend towards the next targets located at the projections of $2,250 and $2,360. The target of the rectangle is $2,460.
The upper limit of the rectangle at $2,075 is short-term support.
Source: Fx Street
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