Fri, Jun 02, 2023 @ 14:34 GMT
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Gold Flirts With 2,000 and Remains Bullish

Gold recently rebounded off the short-term uptrend line and near the 1,980 significant support. The price is currently testing the 20-period simple moving average (SMA) near the 2,000 round number with the technical oscillators confirming an advance. The RSI is pointing upwards around the neutral threshold of 50, while the MACD is holding above its trigger line below the zero level.

A move to the upside could see immediate resistance at the 50-period SMA at 2,007 but should the market increase positive momentum above the 2,015 barrier, it would open the way for the 13-month peak of 2,047.

In the wake of negative pressures, the market could meet support at the near-term ascending trend line and the 1,980 barrier. A successful close below this level could see a retest of the previous low of 1,950, which overlaps with the 200-period SMA.

Turning to the medium-term picture, the market seems to be in a bullish mode given that the commodity is trading above the 200-period SMA.
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