Gold has been in a bullish trend forming higher highs and higher lows. This means, market has the potential to continue moving up from the support level on H4 from the price range of 1860-1875. We have the potential to form another bullish impulse wave. The trend is bullish and we have the gap between the resistance.

The ascending trendline for the resistance level has been broken out and the market may need to retest the trendline and then continue moving up.

EMA 50 is still bullish and we do not see a retest incoming at the support level. Therefore, the steep direction of EMA 50 will continue moving up.

RSI is at 68. This needs to neutralize at the level of 50 in order to tract liquidity for the market to align with the technical anlaysis.

Gold still bullish

Jan 11 2023