FX.co ★ Analysis of Gold for May 04, 2023 - Upside objective reached but potential for further growth

Technical analysis:

Gold has been trading upside as I expected and the first upside objective has been reached at $2.075. Anyway, I see potential for the higher prices towards Fibonacci expansion 100%.

Due to the strong upside momentum and new all time high on the Gold, I see potential for the further growth towards upper references.

Next major upside objective is set at the price of $2.145

MACD is showing new fresh upside momentum, which is another sign for the upside movement.

Key support zone is set at the price of $1.970