Gold has formed a bullish trend on multiple time frames, framing different avenues for its higher highs and higher lows. This will ultimately lead to the previous high with gold ultimately breaking it for another bullish impulse move. We are buying gold at the price of 1785 till 1800. 

The ascending trendline has been tapped by the market and rejected by it for the pinbars being printed as bullish pinbars and engulfing. 

There is no retracement indication in this setup as of now.

The EMA 50 is bullish with the steap learning curve for the bullish side. That being said, the more the EMA 50 is steeper, more the bullish presure will sustain.

RSI is at 58. As the bullish pressure is arising, we can only wait for the RSI to fall back to the 55, which will be a good long setup. 

Gold bullish

Dec 08 2022

Take Profit +1.50%

Holding time 4d22hr

1785.53

Entry price

1812.32

Take profit price