FX.co - Analysis of Gold for April 19, 2023 - Potential for the upside continuation

2023-04-19T07:29:57

Relevance until2023-04-20

Technical analysis:

Analysis of Gold for April 19, 2023 - Potential for the upside continuation

Gold has been trading downside this morning but I found that key support cluster at the price of $1.985 is on the test.

Due to the rejection of the key support cluster in the background and the short-term upside trend, I see potential for the further rally.

Upside objectives are set at the price of $2.040

MACD oscillator is showing bullish divergence, which is good sign for the further upside movement.

Support is set at the price of $1.980-$1.985

*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 April 19, 2023 - Potential for the upside continuation