Analysis of Gold for May 16, 2023 – Key support at the price of $2.000 on the test
May 16, 2023 7:25 am
Technical analysis:
Gold has been trading downside this morning and I see testing of the key support cluster at the price of $2.000.
Pay attention on the price action around key support cluster at $2.000 in order to confirm further direction.
In case of the rejection of the support at $2.000, I see potential for the upside movement towards $2.021 and $2.040. The short-term trend is still to the upside….
IN case of the downside breakout and hold below $2.000, there is chance for the downside movement towards $1.975
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading downside
this morning and I see testing of the key support cluster at the
price of $2.000.
Pay attention on the price action around key support cluster at $2.000 in
order to confirm further direction.
In
case of the rejection of the support at $2.000, I see potential for
the upside movement towards $2.021 and $2.040. The short-term trend
is still to the upside….
IN
case of the downside breakout and hold below $2.000, there is chance
for the downside movement towards $1.975
The material has been provided by InstaForex Company – www.instaforex.com
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