FX.co - Analysis of Gold for June 02, 2023 - Strong upside momentum and potential for the further growth

2 June 2023 at 7:53AM (UTC+0)

Relevance until3 June 2023 at 7:53AM (UTC+0)

Technical analysis:

Analysis of Gold for June 02, 2023 - Strong upside momentum and potential for the further growth

Gold has been trading upside as I expected and I see potential for the further upside continuation towards the upside references.

Due to the mid-long term upside trend and the short-term upside momentum, I see potential for the further growth towards the upside reference.

Upside objectives are set at the price of $2.047 and $2.078

MACD oscillator is showing bull reading, which is good sign for the upside continuation.

Key support is set at the price of $1.935

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

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for June 02, 2023 - Strong upside momentum and potential for the further growth