Gold: Uptrend resumes toward $3500 – Société Générale

Gold resumes its upward trajectory after holding key support levels, now challenging recent highs with upside targets in sight, Société Générale's FX analysts note.

Gold pushes toward $3437 High

"Gold broke out above a short-term descending trend line denoting resumption in up move. Recent pullback remained contained at that line and the 50-DMA denoting prevalence of upward momentum. Gold is now challenging recent pivot high ($3437)."

"Signals of a large downside are not yet visible. Defence of the MA at $3290 may result in persistence of up move. Next objectives could be located at $3500 and projections of $3575/3585."