Foreign exchange market analysts at Société Générale noted that gold broke out of a narrow consolidation zone above its December peak, indicating a renewed surge in bullish momentum.
Gold targets $4,765 as upside reaffirms
“Gold surpassed the December peak last week and developed within a narrow range. It has now emerged from this consolidation with a gap, indicating a return to bullish momentum.”
“Gold is likely to gradually rise towards the upper border of a sharp upward channel near USD 4,765 and expectations around USD 4,850. December high at USD 4,550/USD 4,535 could be an important support in the short term.”
