FX.co - Analysis of Gold for January 03,.2023 - Breakout of the trading range to the upside and potential for the growth

2023-01-03T08:05:10

Relevance until2023-01-04

Technical analysis:

Analysis of Gold for January 03,.2023 - Breakout of the trading range to the upside and potential for the growth

Gold has been trading upside and I found the breakout of the well defined trading range, which is good sign for the further growth.

Trading recommendation:

Due to the breakout of the defined trading range to the upside, I see potential for the further growth towards the upside reference.

Watch for the potential buying opportunities on the intraday dips with the upside objective at the price of $1.870

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

Key support is set at the price of $1.823

*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 January 03,.2023 - Breakout of the trading range to the upside and potential for the growth