Analysis of Gold for May 19, 2023 – Rejection of the support cluster at the price of $1.950
May 19, 2023 7:24 am
Technical analysis:
Gold has been trading downside yesterday but I found test and reject of the support cluster at the price of $1.950, which is a good sign for the further upside rotation.
Due to the upside cycle and the test-reject of the support cluster in the background, I see potential for the further rally towards upside reference.
Upside objective is set at the price of $1.988
MACD oscillator is showing decreasing in the downside momentum, which is good sing for the further rally.
Support level is set at the price of $1.950
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading downside
yesterday but I found test and reject of the support cluster at the
price of $1.950, which is a good sign for the further upside
rotation.
Due
to the upside cycle and the test-reject of the support cluster in the background, I see potential for the further rally towards upside
reference.
Upside
objective is set at the price of $1.988
MACD
oscillator is showing decreasing
in the downside momentum, which is good sing for the further rally.
Support
level is set at the price of $1.950
The material has been provided by InstaForex Company – www.instaforex.com
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