Gold uptrend has stalled after facing stiff resistance near $2790 in October, Société Générale’s FX analysts note.

Gold faces a lack of clear direction

“The price action has been narrowing as highlighted by two converging trend lines. Crisscross moves around 50-DMA denote a lack of clear direction.”

“Upper part of range since mid-December near $2670 is first hurdle. In case this is overcome, a rebound towards last month high of $2725 can’t be ruled out. Recent pivot low of $2610 is important support near term.”