FX.co ★ Analysis of Gold for May 25, 2023 - Rejection of the key support cluster and potential for the rally

Technical analysis:

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