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25.05.2023 10:08 AM
Analysis of Gold for May 25, 2023 - Rejection of the key support cluster and potential for the rally

Technical analysis:

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Gold has been trading downside yesterday but this morning I found test and reject of the key support at the price of $1.955, which is good for the potential upside rotation towards upside reference.

Due to the rejection of the key support cluster and the mid-long term upside trend, I see potential for the upside movement towards upside reference.

Upside objective is set at the price of $1.983

RSI oscillator is showing bullish divergence, which is good sign for the further rally.

Key resistance is set at the price of $1.955

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