Analysis of Gold for May 17, 2023 - Potential for the rally towards upper reference

Technical analysis:

Gold has been trading downside yesterday but I found bullish divergence in the momentum and rejection of the lower trend-line of the downside channel.

Due to the rejection of the trend-line support and upside trend, I see potential for the further rally towards upside references.

Upside objectives are set at the price of $2.000 and $2.010

MACD oscillator is showing bullish divergence and potential for the further growth.

Support level is set at the price of $1.978