FX.co - Analysis of Gold for May 18, 2023 - Potential for the rally towards upper reference

2023-05-18T10:51:35

Relevance until2023-05-19

Technical analysis:

Analysis of Gold for May 18, 2023 - Potential for the rally towards upper reference

Gold has been trading downside this morning but I saw that key support cluster at $1.970 is on the test and that there is potential for the rally.

Due to the upside cycle in the background and bullish momentum divergence, I see potential for the upside movement towards upside references.

Upside objectives are set at the price of $1.992 and $2.000

MACD oscillator is showing bullish divergence, which is good sign for the further rally.

Key support is set at the price of $1.970

*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 18, 2023 - Potential for the rally towards upper reference