FX.co - Analysis of Gold for January 02,.2023 - Breakout of the trading range to the upside and potential for the growth

2 January 2023 at 9:07AM (UTC+0)

Relevance until3 January 2023 at 9:07AM (UTC+0)

Technical analysis:

Analysis of Gold for January 02,.2023 - Breakout of the trading range to the upside and potential for the growth

Gold has been trading upside and I found breakout of the defined trading range to the upside, which is good sign for the further rally.

Trading recommendation:

Due to the breakout of the resistance zone and hold above this key level, I see potetnial for the further growth towards next upside objective.

Watch for the potential buying opportunities on the intraday dips with the upside objective at the price of $1.832

Key support is set at the price of $1.818

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for January 02,.2023 - Breakout of the trading range to the upside and potential for the growth