01.06.202314:40 Forex Analysis & Reviews: Technical analysis on Gold for June 1st, 2023.

Black line- support trend line

Gold price is trading around $1,957-60. As we explained in our previous posts this is an important junction for Gold. Price so far has been rising since September of 2022 with two major pull backs so far. We are currently in the second pull back and price has found support at the black upward sloping trend line. The recent low at $1,931 touched the black trend line and price is now bouncing off this support. The recent test and bounce confirms the importance of the trend line. Bulls need to defend this trend line and to continue pushing price higher. Failure to hold above $1,940-30 would be a sign of weakness and most probable a sign that support will eventually be broken. On the other hand resistance is found at $1,985 where we find that last lower high. A break above this level will increase the chances of starting a new upward wave with targets above $2,050.