Analysis of Gold for May 02, 2023 – Potential for the further rally
May 2, 2023 7:26 am
Technical analysis:
Gold has been trading downside into the US session but I found the key support at the price of $1.974 still held well, which is good sign for the further rally.
Due to rejection of the key rising support and the upside cycle on longer time-frames, I see potential for the further rise.
Upside objectives are set at the price of $2.005 and $2.045
Additionally, there is the breakout of the mini consolidation area, which is good sign for the furthe rally.
Key support is set at the price of$1.968-$1.974
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading
downside into the US session but I found the key support at the price
of $1.974 still held well, which is good sign for the further rally.
Due
to rejection of the key rising support and the upside cycle on longer
time-frames, I see potential for the further rise.
Upside
objectives are set at the price of $2.005 and $2.045
Additionally,
there is the breakout of the mini consolidation area, which is good
sign for the furthe rally.
Key
support is set at the price of$1.968-$1.974
The material has been provided by InstaForex Company – www.instaforex.com
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