Gold rally stalls below $3500 mark – Société Générale
Gold faces consolidation after stalling near $3500, with a lower high at $3435 and weakening momentum suggesting a temporary pause in the uptrend, Société Générale's FX analysts note.
Lower high at $3435 signals pause in momentum
"Gold up move has faced interim resistance near $3500 last month and formation of a lower high at $3435 denotes a pause is developing. Daily MACD has pulled back after reaching multi-month high levels and has dipped below its trigger line highlighting receding upward momentum."
"A brief consolidation can’t be ruled out. A move beyond $3435 will be crucial for confirming next leg of uptrend. Recent pivot low of $3200 and projection at $3140 are near term supports."
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