Gold: Rebound tests major resistance band – Societe Generale
By FXStreet Insights Team
Updated: 3 Jul 2026
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Societe Generale analysts note that Gold has held the $3,930/3,885 support zone linked to the November 2025 low and rebounded sharply.
Societe Generale analysts note that Gold has held the $3,930/3,885 support zone linked to the November 2025 low and rebounded sharply. Prices are approaching a descending trend line near $4,300, but the bank sees no clear signs of a large bounce yet, with the confluence of the 50‑DMA and 200‑DMA at $4,380/4,480 flagged as a key hurdle.
Support defended, resistance overhead
"Gold successfully defended the interim support zone at $3,930/3,885, corresponding to the low of November 2025, and has staged a swift rebound."
"It is now approaching the descending trend line drawn since March, currently situated near $4,300."
"Signals of a large bounce are not yet visible."
"It will be important to monitor whether Gold can establish a base and gradually attempt a reversal."
"Confluence of the 50-DMA and 200-DMA around $4,380/4,480 may act as a significant hurdle."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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