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FX.co ★ Analysis of Gold for May 11, 2023 - Potential for the further upside continuation

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Forex Analysis:::2023-05-11T06:26:22

Analysis of Gold for May 11, 2023 - Potential for the further upside continuation

Technical analysis: Analysis of Gold for May 11, 2023 - Potential for the further upside continuation

Gold has been trading in the sideways at the price of $2.031 but I see potential for the upside continuation.

Due to the strong upside cycle in the background and absorption of the selling climax from Friday, I see potential for the upside continuation.

Upside objectives are set at the price of $2.058 and $2.078

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

Key support is set at the price of $2.000

Analyst InstaForex
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