FX.co ★ Analysis of Gold for July 12, 2023 - Breakout of the resistance zone and potential for further rally

Technical analysis:

Gold has been trading upside and I found the breakout of the key resistance at the price of $1.934, which is good sign for the further upside movement.

Due to the breakout of the key resistance zone and the strong upside momentum, I see potential for the further growth towards upside reference.

Upside objective is set at the price of $1.967

MACD oscillator is showing upside reading, which is good sign for the further rally.

Key support is set at the price of $1.895