Gold Price Forecast: XAU/USD to climb as high as $1,923/1,930 – SocGen

Gold surged to its strongest level since mid-November at $1,865 on Friday. Economists at Société Générale believe the yellow metal has potential to reach the November high of $1,877 and even the $1,923/1,930 area.

Last month's low of $1,790/1,780 to cushion downside 

“Gold is now attempting a cross above the descending trend line which has capped the recoveries since September 2020. This break points towards possibility of a bounce towards last November's high of $1,877 and perhaps even towards projections of $1,923/1,930. It could be a crucial resistance.” 

“Last month's low of $1,790/1,780 is expected to cushion downside near-term.”