Analysis of Gold for May 25, 2023 – Rejection of the key support cluster and potential for the rally
May 25, 2023 9:23 am
Technical analysis:
Gold has been trading downside yesterday but this morning I found test and reject of the key support at the price of $1.955, which is good for the potential upside rotation towards upside reference.
Due to the rejection of the key support cluster and the mid-long term upside trend, I see potential for the upside movement towards upside reference.
Upside objective is set at the price of $1.983
RSI oscillator is showing bullish divergence, which is good sign for the further rally.
Key resistance is set at the price of $1.955
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading downside
yesterday but this morning I found test and reject of the key support
at the price of $1.955, which is good for the potential upside
rotation towards upside reference.
Due
to the rejection of the key support cluster and the mid-long term
upside trend, I see potential for the upside movement towards upside
reference.
Upside
objective is set at the price of $1.983
RSI
oscillator is showing bullish
divergence, which is good sign for the further rally.
Key
resistance is set at the price of $1.955
The material has been provided by InstaForex Company – www.instaforex.com
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