FX.co ★ Analysis of Gold for May 19, 2023 - Rejection of the support cluster at the price of $1.950

Technical analysis:

Gold has been trading downside yesterday but I found test and reject of the support cluster at the price of $1.950, which is a good sign for the further upside rotation.

Due to the upside cycle and the test-reject of the support cluster in the background, I see potential for the further rally towards upside reference.

Upside objective is set at the price of $1.988

MACD oscillator is showing decreasing in the downside momentum, which is good sing for the further rally.

Support level is set at the price of $1.950