FX.co ★ Analysis of Gold for May 24, 2023 -Potential for higher prices

Technical analysis:

Gold has been trading upside yesterday and I found breakout of the mini downside channel in the background, which is good sign for the further rally.

Due to the strong upside cycle this year on Gold and breakout of the downside channels in the background, I see potential for the further rally towards upside references.

Upside objectives are set at $1.985 and $2.021

MACD oscillator is showing neutral stance, which is very usual on the pullbacks.

Key support is set at the price of $1.950