Gold has made a correction from 1932-1935 to 1973-1957 after making a false break-out of the 1932-1935 zone. The U.S congress has voted to pass the debt ceiling deal which hasn’t made any impact on gold price as expected.
Gold is moving following U.S inflation, economic data and Fed monetary policy. The US NFP report on Friday is the key event which may help gold to break out of the range 1932-1935 to 1983-1985 to form a new medium term trend.
On the H1 gold chart, gold has been choppy from 1960-1971 for many hours after the debt ceiling news. The short term gold trend is up and gold may go up to test the 1983-1985 or 2000-2005 it gold keeps to trade above the 1960 level.
However, there is US NFP report on Friday June 2, 2023 so gold investors and traders may take profit before this high market moving event. Gold will drop to 1953 or 1943-1936 if gold breaks the 1960 level because of profit taking.
In summary, gold is expected to trade in big range from 1943 to 1983 to wait for US NFP report on Friday. The 1960 is the key level to watch for today trading gold.