Analysis of Gold for August 16, 2023 – Rejection of the support area
August 16, 2023 9:23 am
Technical analysis:
Gold has been trading sideways at the price of $1.904. I found rejection of the support zone at the price $1.900, which is sign for the potential upside rotation.
Due to the sideways regime and the rejection of the key support cluster at the prie of $1.900 in the background, I see potential for the rally towards upside references.
Upside objectives are set at the price of $1.911 and $1.915
Stochastic oscillator is showing fresh bull cross, which is another good sign for the further upside movement.
Key support is set at the price of $1.90
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading sideways
at the price of $1.904. I found rejection of the support zone at the
price $1.900, which is sign for the potential upside rotation.
Due
to the sideways regime and the rejection of the key support cluster
at the prie of $1.900
in the background, I see potential for the rally towards upside
references.
Upside objectives are
set at the price of $1.911
and $1.915
Stochastic
oscillator is showing fresh bull
cross, which is another good sign for the further upside
movement.
Key
support
is set at the price of $1.90
The material has been provided by InstaForex Company – www.instaforex.com
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