FX.co ★ Analysis of Gold for May 31, 2023 - Rejection of the key support and potential for the further growth

Technical analysis:

Gold has been trading upside as I expected and I found rejection of the key support level at the price of $1.930, which is good sign for the further growth.

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

Upside objectives are set at the price of $1.984, $2.040 and $2.080

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

Key support is set at the price of $1.930