GOLD started to move up after the FOMC meeting. The inflation has soared the market to highs ultimately forming the bullish direction with higher highs and higher lows. Apart from that, we also see that higher time frames are turning bullish with the sentiment along with other parameters. 

The ascending trendline is due to be tapped by the market and potentially, will reject it to continue moving higher. We will wait for the market to tap the trendline so we can take the buy position.

The retracement level is in confluence with the support level with the retracement level being at 61.8%. 

EMA 50 is bullish and the market needs to tap the market at the retest of the EMA 50 in order for the market to align with other technicals.

RSI is at 69, We will have to wait for the RSI to turn to the neutralized levels at the 50 region in order for the market to continue moving up. We will not take the buy position above the 50 level as we are close to the over bough region in this case.

Changed bias to bullish on GOLD

Dec 02 2022