Societe Generale analysts observe that Gold has been under pressure since losing its 50‑DMA in March and failing to reclaim it on rebounds. They flag the confluence of the 200‑DMA and a multi‑year trend line near $4,350 as critical support, with potential downside towards $4,100 if this area fails, and recent highs acting as resistance.

Downtrend eyes major support cluster

"Gold has undergone a pullback after slipping below its 50‑DMA in March."

"Its failure to reclaim this MA during the latest rebound attempt underscores the persistence of downward momentum."

"The confluence of the longer‑term 200‑DMA and a multi‑year ascending trend line near $4,350 could be next potential support."

"It will be important to observe whether Gold can hold above this and attempt a bounce."

"Gold erased the key $4,500/oz level and must hold the 200dma of $4,353/oz to halt a deeper correction towards $4100/oz."

"If a short‑term rebound develops, the recent pivot high around $4,685 / $4,775 could act as resistance."

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