GOLD PRICE ANALYSIS 03 MAY 2023

Last day after news, gold jumped and moved to 2010 level and later it hit 2020 level. Now It's almost 20 plus hours it is playing on the same area and RSI is forming a straight line. This move was totally based on fundamentals. As per my previous analysis I told you in last week on Monday that gold will be in a range. Now it looks like it has broke the range but what I feel is that this is a fake breakout and gold will fell today towards 1970 level and this time it can give a fake breakout on down side too. This is a gut feeling. while on technical It tried to break range but still unable to go upwards and if you look at 4 hour and hourly chart gold is exhausting pushing upwards and now it can slip a little bit down...

We will also see news and data release today so that could be the stimulus too. stay sharp market is so tricky today.