Analysis of Gold for May 22, 2023 – Breakout od the downside channel
May 22, 2023 8:22 am
Technical analysis:
Gold has been trading upside on Friday and I found breakout of the downside channel, which is good sign for the further upside movement.
Due to the breakout of the downside channel in the background and the strong upside cycle on short-mid term, I see potential for the further growth towards upside references.
Upside objectives are set at the price of $2.020 and $2.045
MACD oscillator is had strong increase of upside momentum and now is on the pullback mode, which is good sign for the further higher prices.
Key support level is set at the price of $1.956
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading upside
on Friday and I found breakout of the downside channel, which is good
sign for the further upside movement.
Due
to the breakout of the downside
channel in the background and the strong upside cycle on short-mid
term, I see potential for the further growth towards upside
references.
Upside
objectives are set at the price of $2.020 and $2.045
MACD
oscillator is had
strong increase of upside momentum and now is on the pullback mode,
which is good sign for the further higher prices.
Key
support level is set at the price of $1.956
The material has been provided by InstaForex Company – www.instaforex.com
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