FX.co ★ Analysis of Gold for May 12, 2023 - Potential for the further upside movement today

Technical analysis:

Gold has been trading downside after the yesterday economic data in US but I see that key support at the price of $2.010 is on the test and that there is the chance for the upside rejection.

Due to the strong long time-frame upside trend and test-reject of the key support zone, I see potential for the further growth towards upside references.

Upside objective is set at the price of $2.037

Stochastic oscillator is showing oversold condition and potential for the bull cross, which is good sign for the rally....

Key support is set at the price of $2.000