FX.co - Analysis of Gold for April 13, 2023 - Upside pressure on the Gold continues

2023-04-13T07:25:55

Relevance until2023-04-14

Technical analysis:

Analysis of Gold for April 13, 2023 - Upside pressure on the Gold continues

Gold has been trading upside as I expected and the first objective is almost reached at $2.030.

Due to the strong upside cycle in the background and relative strength on Gold, I see potential for the further upside movement.

Upside objective is set at the price of $2.050

MACD oscillator is showing bullish reading, which is good sign for the further upside movement.

Stochastic oscillator is showing fresh bull cross, which is another sign of the potential bullish 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 13, 2023 - Upside pressure on the Gold continues