Societe Generale analysts report that gold has failed to sustain gains above its 200-day moving average, reinforcing the persistence of a downward trend in the precious metal's price [1]. The recent rebound attempt was unable to establish gold above this key technical level, signaling continued bearish momentum [1].
The analysis highlights a short-term pullback underway, with resistance identified at the recent pivot high near $4,315 [1]. Should gold fail to reclaim this level, analysts suggest the decline may extend further [1]. Key support levels are projected around $4,095 and in the June/July trough zone at $3,960/$3,940, which is described as a crucial area for the metal [1].
No market reactions or forward-looking analyst opinions beyond the technical outlook are discussed in the source article [1].
CONCLUSION
Gold remains under pressure as it struggles to break above its 200-day moving average, with Societe Generale highlighting key resistance and support levels. The technical outlook suggests further downside risk if gold cannot reclaim the recent pivot high.