26.05.202309:13 Forex Analysis & Reviews: Analysis of Gold for May 26, 2023 - Key resistance cluster on the test at $1.950

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical analysis:

Gold has been trading downside yesterday and there was the breakout of the key support cluster at the price of $1.950. This morning we have testings of the broken support cluster.

In case of the rejection of the resistance at $1.950, we can see further downside movement towards $1.938

In case of the hold above resistance at $1.950, there is the chance for the rally towards $1.963.

Faster Stochastic oscillator is showing oversold condition and fresh bear cross, which is sign for the potential downside rotation.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.