Analysis of Gold for May 12, 2023 – Potential for the further upside movement today
May 12, 2023 8:24 am
Technical analysis:
Gold has been trading downside after the yesterday economic data in US but I see that key support at the price of $2.010 is on the test and that there is the chance for the upside rejection.
Due to the strong long time-frame upside trend and test-reject of the key support zone, I see potential for the further growth towards upside references.
Upside objective is set at the price of $2.037
Stochastic oscillator is showing oversold condition and potential for the bull cross, which is good sign for the rally….
Key support is set at the price of $2.000
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading downside
after the yesterday economic data in US but I see that key support at
the price of $2.010 is on the test and that there is the chance for
the upside rejection.
Due
to the strong long time-frame upside trend and test-reject of the key
support zone, I see potential for the further growth towards upside
references.
Upside
objective is set at the price of $2.037
Stochastic
oscillator is showing oversold condition and potential for the bull cross, which is good sign for
the rally….
Key
support is set at the price of $2.000
The material has been provided by InstaForex Company – www.instaforex.com
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