Gold Price Forecast: XAU/USD to extend the bounce towards $1916/32 on a move beyond $1835 – SocGen

Gold is retreating towards $1815, having failed to find acceptance above $1830. According to strategists at Société Générale, XAU/USD needs to erode the $1835 to see further gains.

Initial support seen at the $1790/80 zone

“A move beyond $1835 can result in an extended bounce towards $1885 and June peak of $1916/1932.”

“First support is at $1790/1780, the 38.2% retracement of the bounce.”