SocGen is looking for more upside in gold
(Kitco News) - Gold has had a decent week after the market turmoil and geopolitical issues in Russia and Ukraine have inspired some bullish price action. Now analysts at French investment bank Societe Generale have noted that the yellow metal could climb as high as $1,923/1,930/oz.
The report said gold surged to its strongest level since mid-November at $1,865 on Friday. Economists at Société Générale believe the yellow metal has the potential to reach the November high of $1,877 and even the $1,923/1,930 area.
The team added “Gold is now attempting a cross above the descending trend line which has capped the recoveries since September 2020. This break points towards the possibility of a bounce towards last November's high of $1,877 and perhaps even towards projections of $1,923/1,930. It could be a crucial resistance.”
On the downside, the French bank said “Last month's low of $1,790/1,780 is expected to cushion downside near-term.”.