Gold (XAUUSD) trading commentary on 6/3/2023

Gold closed at $1,855,400 last week, in an absolute uptrend, having risen from a low of $1804 last month.

Events that directly affect XAUUSD next week

1. Fed Chairman Powell testifies
2. ADP Non-Farm Employment Change
3. Fed Chairman Powell testifies
4. Job opportunity JOLTS
5. Non-Farm Employment Change (Most Important)

On the H4 frame, XAUUSD has broken out of the strong 200 EMA and turned up, confirming an absolute uptrend, there is a possibility that gold will continue to rise strongly and overcome the resistance of 1865 or even 1875 - 1880. There are very few remaining selling opportunities for investors in the coming week

Support Level: 1.817 - 1820.5 - 1828.8

Resistance levels: 1.863 - 1866 - 1875 - 1880

Recommendations for trading gold:

Buy 1834-1836

Stop Loss: 1832

Take profit 1: 1845
Take Profit 2:1855
Take profit 3: 1860

sell 1865-1867

Stop Loss: 1869

Take profit 1: 1850
Take profit 2:1845
Take profit 3: 1840

Note: Always set TP and SL in all trading cases