Analysis of Gold for June 12, 2023 – Breakout of the downside channel and potential for the further rally
June 12, 2023 8:26 am
Technical analysis:
Gold has been trading upside in the background and I found the mark up phase on Friday and breakout of the downside channel this morning, which is good sign for the further upside continuation.
Due to the strong mid and long term upside trend with the breakout of the downside channel this morning, I see potential for the further upside movement towards next reference points.
Upside objectives are set at $1.972, $1.983 and $2.040
MACD oscillator is showing positive reading, which is sign that we might see bullish movement
Support is set at the price of $1.940
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading upside
in the background and I found the mark up phase on Friday and
breakout of the downside channel this morning, which is good sign for
the further upside continuation.
Due
to the strong
mid and long term upside trend with the breakout of the downside
channel this morning, I see potential for the further upside movement
towards next reference points.
Upside objectives are set at $1.972, $1.983 and $2.040
MACD
oscillator is showing positive reading, which is sign that we might
see bullish movement
Support
is set at the price of $1.940
The material has been provided by InstaForex Company – www.instaforex.com