Gold has confirmed a bullish breakout above its multi-week stability, indicating a renewed uptrend. Prices may rise towards October highs near $4,380 and perhaps expectations at $4,540, while the $4,170-4,150 area now represents a crucial support to maintain bullish momentum, foreign exchange market analysts at Société Générale note.
The uptrend is reasserting itself
“Gold has broken the upper boundary of its multi-week stability, highlighting the resumption of the uptrend. It may rise towards the October peak near $4,380 and possibly towards the next forecast at $4,540.”
“In the event of a short-term pullback, the recent pivot bottom around $4170/4150 should act as key support. Defending this area is crucial to continue the upward move.”
