FX.co ★ Analysis of Gold for May 02, 2023 - Potential for the further rally

Technical analysis:

Gold has been trading downside into the US session but I found the key support at the price of $1.974 still held well, which is good sign for the further rally.

Due to rejection of the key rising support and the upside cycle on longer time-frames, I see potential for the further rise.

Upside objectives are set at the price of $2.005 and $2.045

Additionally, there is the breakout of the mini consolidation area, which is good sign for the furthe rally.

Key support is set at the price of$1.968-$1.974