Analysis of Gold for August 28,2023 – Potential for the further rally
August 28, 2023 9:25 am
Technical analysis:
Gold has been trading in the sideways range at the price of $1.913 but I found rejection of the support at $1.905 in the background, which is very good sign for the potential rally.
Due to the massive selling climax in the background and the breakout of the downside channel, I see potential for the further growth towards upside references.
Upside objectives are set at the price of $1.923 and $1.940
Stochastic oscillator is showing fresh bull cross, which is good sign for the further upside movement.
Key support is set at the price of $1.905
The material has been provided by InstaForex Company – www.instaforex.com
Technical analysis:
Gold has been trading in the sideways range at the price of $1.913 but I found rejection of the support at $1.905 in the background, which is very good sign for the potential rally.
Due to the massive selling climax in the background and the breakout of the downside channel, I see potential for the further growth towards upside references.
Upside objectives are set at the price of $1.923 and $1.940
Stochastic oscillator is showing fresh bull cross, which is good sign for the further upside movement.
Key support is set at the price of $1.905
The material has been provided by InstaForex Company – www.instaforex.com
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