Gold Price Forecast: XAU/USD to grind higher towards $1,980 on a break above $1,875 – SocGen

Gold has broken out from a small base by breaking above July/August/September peaks of $1,835. The yellow metal could extend its upmove on a break above the $1,875 mark, strategists at Société Générale report.

$1,835 and $1,810 are short-term support levels

“Gold is marching towards a multi month descending trend line near $1,875. A break above $1,875 would denote an extended rebound towards projections of $1,930 and graphical levels of $1,965/$1,980.”

“Daily MACD has entered positive territory which denotes upside momentum is regaining.”

“Upper band of the base near $1,835 and $1,810 are short-term support levels.”