Analysts at Societe Generale offer their technical outlook on gold price, with the upside opening up towards $1,980 if the $1,875 barrier is surpassed.

Key quotes

“Gold price is marching towards a multi-month descending trend line near $1,875.”

“A break above $1,875 would denote an extended rebound towards projections of $1,930 and graphical levels of $1,965/$1,980.”

“Daily MACD has entered positive territory which denotes upside momentum is regaining.”

“Upper band of the base near $1,835 and $1,810 are short-term support levels.”