Societe Generale analysts cite dollar debasement concerns and rising term premiums as drivers for gold’s upward momentum.
Gold has sustained its rebound after breaking out of a base formation and reclaiming its 200-day moving average near $4,510. The move reflects broader concerns over dollar debasement and rising term premiums, reinforcing upward momentum.
The metal faces immediate resistance at $4,730 and $4,770, with the April peak of $4,890 as the next major hurdle. Analysts emphasize that holding above the 200-DMA is critical for maintaining this phase of the rally.
The breakout signals renewed investor interest in gold as a hedge amid macroeconomic uncertainties, though further gains hinge on overcoming key resistance levels.