10.02.202310:28 Forex Analysis & Reviews: Analysis of Gold for February 10,.2023 - Bullish divergence in the backgorund

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 this morning and the market failed to break and hold below swing low at $1.860.

Trading recommendation:

Due to failed breakout of the support at $1.860 in the background and the longer term upside trend, I see potential for the upside movement.

Watch for the potential buying opportunities on the intraday dips with the upside objective at $1.890 and $1.900.

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

Key support is set at the price of $1.860

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.