FX.co - Analysis of Gold for February 03,.2023 - Potential for the breakout of the trading range

2023-02-03T08:47:30

Relevance until2023-02-04

Technical analysis:

Analysis of Gold for February 03,.2023 - Potential for the breakout of the trading range

Gold has been trading inside of the intraday trading range, which is sign the indecision and I see potential for the breakout mode.

Trading recommendation:

Due to the strong upside long term trend in the background and rejection of the support zone, I see potentila for the further growth.

Watch for the potential buying opportunities with the upside objectives at $1.917 and $1.945

Stochastic oscillator is showing fresh upside momentum from the oversold condition, which is strong sign that buyers are in control.

Key support is set at the price of $1.910

*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 February 03,.2023 - Potential for the breakout of the trading range