FX.co ★ Analysis of Gold for May 05, 2023 - Potential for the further growth

Technical analysis:

Gold has been trading upside in the background and I see potential for the further growth due to the strong upside trend and no bigger sign of weakness.

Due to the strong upside momentum and breakout of the range in the background, I see potential for the further growth towards next upside reference.

Upside objective is set at the price of $2.140

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

Short-term support is set at the price of $1.970