Societe Generale strategists report that gold has continued its downward trajectory after breaking below its 50-day moving average in March, with prices now drifting toward the late October 2025 lows, specifically in the $3,930 to $3,885 range [1]. The strategists note that while the decline appears somewhat stretched, there are currently no clear signals indicating a meaningful rebound in the near term [1].
If a short-term bounce does occur, resistance is expected at the recent pivot high of $4,100, which would need to be surpassed to confirm a larger recovery in gold prices [1]. On the downside, if gold breaks below the $3,885 support level, the next downside projections are at $3,750 and $3,600 [1].
The analysis suggests that gold's technical outlook remains bearish unless a significant recovery above resistance levels is achieved. No market reactions or analyst opinions beyond the technical outlook are provided in the source [1].
CONCLUSION
Gold is under continued pressure, with Societe Generale highlighting key support and resistance levels as the market drifts toward October lows. The absence of clear rebound signals points to a bearish short-term outlook unless resistance at $4,100 is reclaimed.