Gold Price Forecast: XAU/USD to see another leg higher toward $2,230 on a move above $2,055/75 – SocGen

Gold has crossed above recent brief consolidation and April 2022 levels ($2,000) denoting persistence in uptrend. A break above the $2,055/2075 resistance zone would clear the way toward $2,150 and $2,230, analysts at Société Générale report.

$1,945 should be an important support near term

“XAU/USD is expected to head gradually towards the upper part of its range since 2020 at $2,055/2,075. This is a key resistance zone. If Gold establishes itself above this hurdle, it could mean onset of a larger uptrend toward next projections of $2,150 and $2,230.

“Lower end of recent consolidation at $1,945 should be an important support near term.”