Gold breaks higher after consolidation – Société Générale

Gold has broken out of a narrow consolidation above its December peak, signaling a renewed upswing in bullish momentum, Société Générale's FX analysts note.

Gold targets $4,765 as uptrend reasserts

"Gold crossed the December peak last week and evolved within a narrow range. It has now broken out of this consolidation with a gap, signaling a resurgence of upward momentum."

"Gold is likely to inch higher gradually towards the upper boundary of a steep ascending channel near $4765 and projections around $4850. The December high at $4550/$4535 may serve as an important short‑term support."