Forex Analysis & Reviews: Analysis of Gold for January 13,.2023 - Breakout of the trading range

Gold has been trading upside as I expected and the price has reached the first upside objective at the price of $1.900. Anyway, I see potential for further upside movement due to the strong upside momentum.

Trading recommendation:

Due to the strong upside pressure and the breakout of the resistance zone at $1.900, I see potential for the further upside movement towards next upside reference.

Watch for the potential buying opportunities on the intraday dips with the upside objective at the price of $1.950.

MACD oscillator is showing fresh upside momentum, which is strong sign that buyers are in control. Key support is set at the price of $1.900

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex

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