FX.co - Analysis of Gold for August 29, 2023 - Potential for the further growth

2023-08-29T07:00:33

Relevance until2023-08-30

Technical analysis:

Analysis of Gold for August 29, 2023 - Potential for the further growth

Gold has been trading upside yesterday and I found breakout of the resistance at $1.922, which is good sign for the further rally.

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

Upside objective is set at the price of $1.942 and $1.946

MACD oscillator is showing upside momentum with no signs for the reversal....

Intraday support is set at the price of $1.922

*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 29, 2023 - Potential for the further growth