FX.co ★ Analysis of Gold for December 04,.2022 - First upside objective reached

Technical analysis:

Gold has been trading upside as I expected and the price has reached our first upside objective at $1.782 and there is chance for testing of the second objective. I see no signs for the reversal.

Trading recommendation:

Due to the strong upside pressure in the background and breakout of the key supply trend-line, I see potential for the further growth.

Watch for the potential buying opportunities on the intraday dips with the next upside objective at $1.800.

MACD oscillator is showing fresh upside momentum, which is strong sign that buyers are in control.

Key support is set at the price of $1.740