Gold has been ranging in December. In pursuit of past history, we see December rally. We are going to go long on Gold after the breakout buy from the resistance and then the retest. We will hold this trade on the weekly basis till the month end. Our long target of this trade is going to be at 1820. 

The descending trendline is forming for the breakout buy. Once the breakout buy takes place, we will also see gold breaking the resistance. Therefore, more confirmation for the market to continue up. 

There is no retracement indication or confluence for the gold at the moment.

EMA 50 has been broken out for buys, whereas, EMA 200, is still above the market, and due for a retest. We might see the EMA 200 being broken out. Once this happens, we will anticipate the market having a bullish death cross and a further upscale for the gold.

Both the oscillators are in a bullish momentum and above the neautralized levels. Once the market breaks out resistance, it will continue to move further up, given the fact that the resistance broken will build up the momentum of the bullish side.

Gold long trade would be a long held position over the week. Given its december, and the last month of the year, we have to be cautious of being caught up.

Gold textbook breakout and retest

Dec 13 2021

Take Profit +1.69%

Holding time 14d22hr

1792.69

Entry price

1823.04

Take profit price

1