FX.co - Analysis of Gold for April 12, 2023 - Upside pressure on the Gold

12 April 2023 at 6:32AM (UTC+0)

Relevance until13 April 2023 at 6:32AM (UTC+0)

Technical analysis:

Analysis of Gold for April 12, 2023 - Upside pressure on the Gold

Gold has been trading upside as I expected and the price is near the first upside objective. I still see potential for the further upside movement.

Due to the strong upside cycle and relative strength on the side of metals, I see potential for the upside continuation.

Upside objectives are set at the price of $2.030 and $2.060

MACD oscillator is showing first signs of the upside reading, which is good confirmation for the furhter upside movement.

Short-term support is set at the price of $1.987

*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 April 12, 2023 - Upside pressure on the Gold