Gold trades in a narrow range near $4,065, with analysts warning that a failure to clear $4,225 resistance could lead to a deeper correction toward $3,960.
Societe Generale analysts identify a critical technical juncture for gold, noting a consolidation phase following an interim low of $4,065. The firm highlights that the asset's inability to overcome the $4,200/$4,225 resistance zone could signal a bearish reversal, potentially driving prices down to the $3,960/$3,940 support level and further toward $3,830.
The immediate support level is identified at $4,065.
If gold fails to break higher, it could correct toward the $3,960/$3,940 range, with further projections near $3,830.
Gold consolidates near $4,065 as Societe Generale analysts identify critical resistance levels at $4,200 and $4,225. Failure to breach this ceiling could trigger a technical correction toward the $3,960 support level, with further downside risks extending to $3,830.
Gold is currently supported at $4,065, while facing significant resistance in the $4,200 to $4,225 range.
If Gold fails to break above the $4,225 resistance, analysts expect a correction toward $3,960, with potential further downside to $3,830.