Analysis of Gold for May 31, 2023 – Rejection of the key support and potential for the further growth
May 31, 2023 8:23 am
Technical analysis:
Gold has been trading upside as I expected and I found rejection of the key support level at the price of $1.930, which is good sign for the further growth.
Due to the strong upside cycle on the mid-long term prospective and rejection of the key support cluster, I see potential for ther further growth towards upside references.
Upside objectives are set at the price of $1.984, $2.040 and $2.080
Stochastic oscillator is showing fresh oversold condition and fresh bull cross, which is another good sign for the further upside movement.
Key support is set at the price of $1.930
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading upside
as I expected and I found rejection of the key support level at the
price of $1.930, which is good sign for the further growth.
Due
to the strong upside cycle on the mid-long term prospective and
rejection of the key support cluster, I see potential for ther
further growth towards upside references.
Upside
objectives are set at the price of $1.984, $2.040 and $2.080
Stochastic
oscillator is showing fresh oversold condition and fresh bull cross,
which is another good sign for the further upside
movement.
Key
support
is set at the price of $1.930
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: