FX.co - Analysis of Gold for February 07,.2023 - Potential for the brekaout of the triangle

2023-02-07T08:33:45

Relevance until2023-02-08

Technical analysis:

Analysis of Gold for February 07,.2023 - Potential for the brekaout of the triangle

Gold has been trading sideways in last 24 hours and I see potential for the breakout of the range to the upside.

Trading recommendation:

Due to the sideways regime and long term upside trend, I see potential for the upside movement today.

Watch for the potential buying opportunities in case of the upside breakout of the resistance at $1.880.

Upside objective is set at the price of $1.901.

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

Key support is set at the price of $1.860

*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 07,.2023 - Potential for the brekaout of the triangle