FX.co ★ Analysis of Gold for May 26, 2023 - Key resistance cluster on the test at $1.950

Technical analysis:

Gold has been trading downside yesterday and there was the breakout of the key support cluster at the price of $1.950. This morning we have testings of the broken support cluster.

In case of the rejection of the resistance at $1.950, we can see further downside movement towards $1.938

In case of the hold above resistance at $1.950, there is the chance for the rally towards $1.963.

Faster Stochastic oscillator is showing oversold condition and fresh bear cross, which is sign for the potential downside rotation.