Gold staged a strong V-shaped recovery after an early April pullback, holding key support near $3135. Despite overbought signals, momentum remains intact, with eyes now on the next upside targets at $3290 and $3345/3370, Société Générale's FX analysts note.
Momentum builds despite stretched indicators
"Gold experienced a brief pullback in first week of April and approached the 50-DMA. It carved out a low near $2955 and has evolved within a V-shaped recovery. Daily MACD is registering multi-month highs denoting a stretched move; however, signals of a meaningful decline are not yet visible."
"March high at $3135/3128 is first layer of support. Defence of this can result in continuation of uptrend. Next projections are located at $3290 and $3345/3370."
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