FX.co ★ Analysis of Gold for December 22, 2023 - Breakout of the resistance level

Technical analysis:

Gold has been trading upside in the background and I found breakout of the resistance at $2.045, which is sign that buyers are in control and that we might see upside movement.

Due to the breakout of the resistance and the upside reading on RSI oscillator, I see potential for the further rally towards upisde reference.

Upside objective is set at $2.069

Alternative scenario is potetnial fake breakout and if the market can trade lower into $2.040 area, there would be chance for the downside movement towards $2.030