FX.co ★ Analysis of Gold for May 16, 2023 - Key support at the price of $2.000 on the test

Technical analysis:

Gold has been trading downside this morning and I see testing of the key support cluster at the price of $2.000.

Pay attention on the price action around key support cluster at $2.000 in order to confirm further direction.

In case of the rejection of the support at $2.000, I see potential for the upside movement towards $2.021 and $2.040. The short-term trend is still to the upside....

IN case of the downside breakout and hold below $2.000, there is chance for the downside movement towards $1.975