FX.co ★ Analysis of Gold for June 01, 2023 - Breakout of the downside channel in the background

Technical analysis:

Gold has been trading upside yesterday and I found the breakout of the downside channel in the background, which is good sign for the further higher prices.

Due to the mid-long term upside trend and breakout of the downside channel in the background, I see potential for the further growth.

Upside objectives are set at the price of $1.985, $2.040 and $2.080

MACD oscillator is showing upside reading, which is good sign for the further higher prices....

Short-term support level is set at the price of $1.950