FX.co - Analysis of Gold for June 05, 2023 - Oversold condiiton and potential for the reversion to the mean

5 June 2023 at 8:44AM (UTC+0)

Relevance until6 June 2023 at 8:44AM (UTC+0)

Technical analysis:

Analysis of Gold for June 05, 2023 - Oversold condiiton and potential for the reversion to the mean

Gold has been trading downside on Friday and today but I see potential for the upside movement towards Pitchfork median line.

Due to the mid and long term upside trend and the oversold condition, I see potential for the upside movement towards the mean.

Upside objective is set at the price of $1.960-$1.965

Stochastic oscillator is showing bullish divergence and oversold condition, which is good sign for the further upside movement.

Key support cluster is set at $1.940

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for June 05, 2023 - Oversold condiiton and potential for the reversion to the mean