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FX.co ★ Analysis of Gold for July 14, 2023 - First upside objective has been reached, potential for the further growth

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Forex Analysis:::2023-07-13T08:21:17

Analysis of Gold for July 14, 2023 - First upside objective has been reached, potential for the further growth

Technical analysis:

Analysis of Gold for July 14, 2023 - First upside objective has been reached, potential for the further growth

Gold has been trading upside as I expected and the price reached first upside objective at $1.967. There is the chance for the second target to be on the test.

Due to the breakout of the key resistance cluster at the price of $1.935 and the strong upside momentum, I see potetnial for teh further growth towards next upside reference.

Upside objective is set at the price of $1.981

MACD oscillator is showing fresh upside momentum, which is another confirmation for the strong buying power.

Key support is set at the price of $1.930

Analyst InstaForex
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