FX.co ★ Analysis of Gold for August 16, 2023 - Rejection of the support area

Technical analysis:

Gold has been trading sideways at the price of $1.904. I found rejection of the support zone at the price $1.900, which is sign for the potential upside rotation.

Due to the sideways regime and the rejection of the key support cluster at the prie of $1.900 in the background, I see potential for the rally towards upside references.

Upside objectives are set at the price of $1.911 and $1.915

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

Key support is set at the price of $1.90