FX.co - Analysis of Gold for August 25, 2023 - Rejection of the support and potential for the rally

2023-08-25T08:26:34

Relevance until2023-08-26

Technical analysis:

Analysis of Gold for August 25, 2023 - Rejection of the support and potential for the rally

Gold has been trading downside in the background but I found rejection fo the support this morning, which is strong sign for the further rally.

Due to the test-reject of the support and the oversold condition, I see potential for the further rally towards upside reference.

Upside objective is set at the price of $1.921

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

Key support is set at the price of $1.911-$1.908

*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 August 25, 2023 - Rejection of the support and potential for the rally