FX.co - Analysis of Gold for May 11, 2023 - Potential for the further upside continuation

2023-05-11T06:26:22

Relevance until2023-05-12

Technical analysis: Analysis of Gold for May 11, 2023 - Potential for the further upside continuation

Gold has been trading in the sideways at the price of $2.031 but I see potential for the upside continuation.

Due to the strong upside cycle in the background and absorption of the selling climax from Friday, I see potential for the upside continuation.

Upside objectives are set at the price of $2.058 and $2.078

MACD oscillator is showing fresh upside cross, which is another good sign for the further upside movement.

Key support is set at the price of $2.000

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for May 11, 2023 - Potential for the further upside continuation