FX.co ★ Analysis of Gold for May 30, 2023 - Potential fake breakout of the support

Technical analysis:

Gold has been trading downside this morning but I found potential fake breakout of the support zone at the price of $1.940, which is good sign for the further rally.

Due to the potential fake breakout of the support and the mid and long term trend upside, I see potential for the further growth towards upside references.

Upside objectives are set at the price of $1.982 and $2.000

Stochastic oscillator is showing fresh bull cross and bullish divergence, which is another good sign for the further upside movement.

Key support is set at $1.940