Societe Generale analysts highlight that Gold has broken out of a small base formation, reclaimed its 200‑DMA and is enjoying an extended rebound. The move is framed within broader Dollar debasement concerns and rising term premium. The bank flags successive upside hurdles at $4,730/$4,770 and the April peak at $4,890, with the 200‑DMA near $4,510 seen as key support.

Key hurdles and moving average

“Gold broke out of a small base formation earlier this month and has now reclaimed the 200-DMA, resulting in an extended rebound.”

“A cross above this longer-term moving average denotes a resurgence of upward momentum.”

“Defence of the moving average, now near $4,510, will be crucial for the persistence of this phase of rebound.”

“For Gold, the next potential hurdles could be located at $4,730/$4,770 before the April peak at $4,890.”