Societe Generale strategists note that Gold has extended its decline after breaking the 50-day moving average in March and is drifting toward the late October 2025 lows. While the move looks stretched, they see no clear rebound signals yet. A short-term bounce would face resistance at a recent pivot high, while a break of key support would open lower downside projections.

Key supports and resistance mapped

"Gold has experienced a deeper pullback after breaking its 50-DMA in March. It is gradually drifting toward the late October 2025 lows of $3,930/3,885."

"While the decline appears somewhat stretched, signals of a meaningful rebound are not yet visible."

"Should a short-term bounce emerge, the recent pivot high at $4,100 may act as the initial resistance."

"Below $3,885, the next projections could be located at $3,750 and $3,600."

"A break above this would be important to confirm a larger recovery."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)