FX.co ★ Analysis of Gold for February 06,.2023 - Rejection of the lower parallel line

Technical analysis:

Gold has been trading downside on Friday but I see the price has rejected of the rising support (upside channel), which is good sign for the further upside continuation.

Trading recommendation:

Due to the strong upside cycle in the background and rejection of the lower rising trend-line, I see potential for the further growth.

Watch for the potential buying opportunities on the intraday dips with the upside objective at $1.951.

Key support level is set at $1.860