Analysis of Gold for May 29, 2023 – Rejection of the key support cluster
May 29, 2023 8:24 am
Technical analysis:
Gold has been trading in the sideways range at the price of $1.946 but I found rejection of the well defined support cluster at $1.936, which is good sign for the further upside movement.
Due to the rejection of the support cluster and the strong bull trend on the mid and long term prospective, I see potential for the further growth towards upside references.
Upside objectives are set at $1.956 and $1.978
Slow stochastic is showing bull cross and potential for the higher prices.
Key support is set at the price of $1.636
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading in the sideways range at the price of $1.946
but I
found rejection of the well defined support cluster at $1.936, which
is good sign for the further upside movement.
Due
to the rejection
of the support cluster and the strong bull trend on the mid and long
term prospective, I see potential for the further growth towards
upside references.
Upside
objectives are set at $1.956 and $1.978
Slow
stochastic is showing bull cross and potential for the higher prices.
Key
support is set at the price of $1.636
The material has been provided by InstaForex Company – www.instaforex.com
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