FX.co - Analysis of Gold for January 06,.2023 - Rejection of the support zone

2023-01-06T06:53:29

Relevance until2023-01-07

Technical analysis:

Analysis of Gold for January 06,.2023 - Rejection of the support zone

Gold has been trading downside in the background but the support zone at $1.825 held successful and I see potential for the upside rotation.

Trading recommendation:

Due to the test and reject of the support zone at $1.825, I see potential for the rally towards upper references.

Watch for the potential buying opportunities with the upside objectives at $1.846 and $1.856.

Stochastic oscillator is showing oversold condition and fresh bull cross, which is sign for the further rally.

Key support zone is set at $1.825

*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 06,.2023 - Rejection of the support zone