Analysis of Gold for May 04, 2023 – Upside objective reached but potential for further growth
May 4, 2023 7:24 am
Technical analysis:
Gold has been trading upside as I expected and the first upside objective has been reached at $2.075. Anyway, I see potential for the higher prices towards Fibonacci expansion 100%.
Due to the strong upside momentum and new all time high on the Gold, I see potential for the further growth towards upper references.
Next major upside objective is set at the price of $2.145
MACD is showing new fresh upside momentum, which is another sign for the upside movement.
Key support zone is set at the price of $1.970
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading
upside as I expected and the first upside objective has been reached
at $2.075. Anyway, I see potential for the higher prices towards
Fibonacci expansion 100%.
Due
to the strong upside momentum and new all time high on the Gold, I
see potential for the further growth towards upper references.
Next
major upside objective is set at the price of $2.145
MACD
is showing new fresh upside momentum, which is another sign for the
upside movement.
Key
support zone is set at the price of $1.970
The material has been provided by InstaForex Company – www.instaforex.com
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