Gold has been in a bullish trend since last week, after it broke out for buys from the price point of 1815. Now, its at a resistance level and just ranged throughout the monday. Given the fact that gold is making higher highs and higher lows, we will now wait for a price retracement to go on board for a long position.

Currently, there is no trendline and retracement factor included in the technical analysis, as either of the technical factors are aligned with the structure.

Both the EMA 50 and EMA 200, are in a bullish death cross. EMA 50 was broken recently, but is due for a retest at the support level. If this retest is not triggered, and if the resistance breaks, even then we can see a contiuation up.  

Both the oscillators are in a bullish region. This indicates that the market is in a bullish momentum and will continue moving upwards to the over bought region. 

The Wednesday, we have FOMC. This news will trigger Gold on one of the sides. Given that the interest rates are to stay consistent, we will see a continuous bullish momentum on gold.

Bullish on Gold

Jan 24 2022

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