FX.co ★ Analysis of Gold for May 03, 2023 - Breakout of the consolidation to the upside

Technical analysis:

Gold has been trading upside as I expected and the price has broke the multi-day trading range and I see potential for the further growth.

Due to the breakout of the tight consolidation with the strong momentum and the higher time-frame upside trend, I see potential for the further growth.

Upside objectives are set at the price of $2.047 and $2.074

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

Key support is set at the price of $1.975