FX.co ★ Analysis of Gold for May 09, 2023 - Rejection of the key support at $2.000, potential for the further growth

Technical analysis:

Gold has been trading upside this morning and I found rejection of the key support zone at $2.000 in the background, which is good sign for the further upside movement.

Due to the strong upside cycle on the Gold and test-reject of the key support zone, I see potential for the growth towards upper references.

Upside objectives are set at the price of $2.052 and $2.080

Stochastic oscillator is showing fresh bull cross, which is another good sign for the further rally.

Key support level is set at the price of $2.000