FX.co ★ Analysis of Gold for January 18,.2023 - Breakout of the downside channel

Technical analysis:

Gold has been trading upside this morning and I found breakout of the downside channel, which is good sign for the further upside movement.

Trading recommendation:

Due to the breakout of the downside channel and the strong upside trend in the background, I see potential for further upside movement towards next upside reference.

Watch for the potential buying opportunities on the intraday dips with the upside objective at the price of $1.928

Stochastic oscillator is showing oversold condition and fresh flip up, which is good sign for further bullish movement.

Key support is set at the price of $1.896