Gold has a recent uptrend on the H4. It should be noted, that the overall trend of gold is stil bearish. We will capitalize on the mark up for the correction on the higher time frames bearish trend. Right now, market is at 1781. We will wait for the market to tap 1775 for us to get on the long position on the pair. At this point, we will see the higher highs and a higher lows with another leg up towards the higher highs of previous highs. 

The ascending trendline has been tapped at the price of the support level and prices are rejecting that trendline. With this rejection, we will see the market towards the upper band of the ascending trendline which can be tapped at the resistance level. That level of resistance will be our profit target.

The golden retracement area is in confluence with the support level at the levels of 75-78.6%. With this retracement in the uptrend, the market has a higher potential to continue to tap up.

EMA 50 has already turned bullish on gold and had the potential to tap the EMA at the retest. This might or might not happen given the situation gold is at.

RSI is at 57. This means, it is already in a bullish trajectory heading towards the over bought level. Till the over bought level, we can long the gold positions.

Short term gold bullish continuation

Aug 08 2022

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