Analysis of Gold for May 23, 2023 -Potential for higher prices
May 23, 2023 8:24 am
Technical analysis:
Gold has been trading downside this morning but I found key support at the $1.955 on the test.
Due to the strong upside movement and breakout of downside channel in the background and the bullish trend, I see potential for the further upside movement towards upside references.
Upside objectives are set at $1.985 and $2.020
RSI oscillator is showing oversold condition and bullish divergence, which is good sign for the further higher prices.
Key support is set at the price of $1.952
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has
been trading downside
this morning but I found key support at the $1.955 on the test.
Due
to the strong upside movement and breakout of downside channel in
the background and the bullish trend, I see potential for the further
upside movement towards upside references.
Upside
objectives are set at $1.985 and $2.020
RSI
oscillator is showing oversold condition and bullish divergence,
which is good sign for the further higher prices.
Key
support is set at the price of $1.952
The material has been provided by InstaForex Company – www.instaforex.com
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