FX.co ★ Analysis of Gold for August 28,2023 - Potential for the further rally

Technical analysis:

Gold has been trading in the sideways range at the price of $1.913 but I found rejection of the support at $1.905 in the background, which is very good sign for the potential rally.

Due to the massive selling climax in the background and the breakout of the downside channel, I see potential for the further growth towards upside references.

Upside objectives are set at the price of $1.923 and $1.940

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

Key support is set at the price of $1.905