Gold takes a breather after prices hit a fresh high last week. Economists at Société Générale analyze XAU/USD technical outlook.
Objectives at $2,250/$2,360 after vaulting upper limit of multi-year range
Gold has established itself above the upper part of its multiyear range ($2,075) in the form of a rectangle; this denotes the uptrend has resumed. It has also overcome the peak achieved in December. Break from multiyear consolidation points towards possibility of larger upside.
The up move is likely to extend towards next objectives located at projections of $2,250 an $2,360. Target for the rectangle is located at $2,460.
Upper limit of the rectangle at $2,075 is near-term support.
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