FX.co ★ Analysis of Gold for November 23,.2022 - Strong support at the price of $1.735

Technical analysis:

Gold has been trading sideways at the price of $1.738. The level at $1.738 is key Fibonacci confluence and strong support, which is good sign for the further upside continuation from this area.

Trading recommendation:

Due to the rejection of the Fibonacci confluence at $1.735 in the background, I see potential for further upside movement.

Watch for buying opportunities with the first upside objective at $1.785

MACD oscillator is showing bullish divergence together with Stochastic oscillator, which is another good sign for further upside movement.