Gold uptrend accelerates, MACD hits multiyear high – Société Générale

Gold continues to push higher after defending its 50-day moving average, with no immediate signs of exhaustion. As technical momentum strengthens, key resistance levels lie ahead at $3515 and beyond, though the overbought backdrop suggests risks of short-term volatility remain, Société Générale's FX analysts note.

The $3325 support in focus as bullish momentum builds

"Gold defended the 50-DMA in last pullback attempt and has experienced acceleration in its uptrend. Daily MACD is registering multiyear high denoting a stretched uptrend in short-term. However, signals of a meaningful pullback are not yet visible."

"Low achieved earlier this week at $3325 is near term support. Break below could denote possibility of a brief decline. Next projections are located at $3515/3550 and $3660."