FX.co ★ Analysis of Gold for May 23, 2023 -Potential for higher prices

Technical analysis:

Gold has been trading downside this morning but I found key support at the $1.955 on the test.

Due to the strong upside movement and breakout of downside channel in the background and the bullish trend, I see potential for the further upside movement towards upside references.

Upside objectives are set at $1.985 and $2.020

RSI oscillator is showing oversold condition and bullish divergence, which is good sign for the further higher prices.

Key support is set at the price of $1.952