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Gold selloff targets $4,000 as price breaks toward $4,095
Societe Generale strategists say Gold failed to hold above the 200-day moving average around $4,510 to $4,540, leaving $4,000 and the June/July trough zone of $3,960 to $3,940 in focus.
Societe Generale strategists said Gold has extended its pullback after failing to hold above the 200-day moving average near $4,510 to $4,540.
According to FXStreet, prices are drifting toward an interim projection around $4,095, and a break below that level could open downside toward the $4,000 area.
The strategists pointed to the June and July troughs at $3,960 to $3,940 as the lower boundary of a critical multi-month support range.
The FXStreet note also tied the move to broader market conditions, saying gold weakness is occurring as elevated US bond yields and geopolitical uncertainty support a firmer US dollar tone.
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