Gold to Hit $1800 Before Retreat: Societe Generale SA

Bloomberg reported that, according to Societe Generale SA, gold will likely rally up to $1800 an ounce before falling back in the later part of the year.

As quoted in the market report:

The $1,630 area consists of the highs reached last summer, support levels from a declining trend channel since October and a rising support line since May, the bank said. If prices climb above the $1,703-$1,706 area, they’ll probably rally and peak between $1,800 and $1,921 in the second half, before starting a gradual decline to as low as $1,500 by next year, it predicts.

To view the full Bloomberg report, click here.