XAU/USD to head gradually toward $2,055/75 – SocGen

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Gold has embarked on a steady up move. Economists at Société Générale expect the yellow metal to enjoy further gains toward the $2,055/75 region.

Recent bullish gap at $1,870 should be an important support

“Gold is in proximity to April 2022 levels of $2,000. A brief pause is not ruled out, however, signals of a meaningful pullback are not yet visible; recent bullish gap at $1,870 should be an important support.” 

“Gold 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; overcoming it could mean the onset of a larger uptrend.”