FX.co ★ Analysis of Gold for June 16, 2023 - Fake breakout of the consoldiation and big reversal

Technical analysis:

Gold has been trading upside yesterday and this morning and I found fake breakout of the consolidation in the background and strong reversal bar, which is strong sign for the further upside movement towards upside references.

Due to the strong reversal bar yesterday in the mid and long term upside trend, I see potential for the upside movement towards upside references.

Upside objective is set at the price of $1.982 and $2.000

MACD oscillator is showing bullish divergence in the background and potential for the further upside movement.

Key support cluster is set at the price of $1.930-$1.940