FX.co - Analysis of Gold for April 20, 2023 - Rejection of the key support zone at $1.980

2023-04-20T06:44:30

Relevance until2023-04-21

Technical analysis:

Analysis of Gold for April 20, 2023 - Rejection of the key support zone at $1.980

Gold has been trading upside in last 24 hours and I see potential for the upside rotation towards upside reference.

Due to the another rejection of the key support cluster at the price of $1.980, I see potential for the further rise towards upside reference.

Upside objective is set at $2.040

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

Key support is set at the price of $1.980

*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 20, 2023 - Rejection of the key support zone at $1.980