FX.co ★ Analysis of Gold for February 08,.2023 - Breakout of the trading range to the upside and potential for the growth

Technical analysis:

Gold has been trading upside this morning and I found the breakout of the symmetrical triangle in the background, which is good sign for the further upside movement.

Trading recommendation:

Due to the breakout of teh symmetrical triangle and no bigger reaction from sellers, I see potential for the further growth towards the upper references.

Watch for the potential buying opportunities on the intraday dips with the upside objective at $1.902

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

Key support is set at the price of $1.863