FX.co ★ Analysis of Gold for May 29, 2023 - Rejection of the key support cluster

Technical analysis:

Gold has been trading in the sideways range at the price of $1.946 but I found rejection of the well defined support cluster at $1.936, which is good sign for the further upside movement.

Due to the rejection of the support cluster and the strong bull trend on the mid and long term prospective, I see potential for the further growth towards upside references.

Upside objectives are set at $1.956 and $1.978

Slow stochastic is showing bull cross and potential for the higher prices.

Key support is set at the price of $1.636