Gold is still bullish after the structure broke out for buys. We are anticipating the buys from the support level at the price point of 1900. Market is in a bullish trend and has formed higher highs and higher lows. Right now, we are anticipating another corrective move from the impulse leg upwards.

The ascending trendline might be retested at the support level where we can see a confluence form for the technical factors.

The retracement level of 50% is in confluence with the support level at the same price point of 1900. This will give a major push to gold to continue moving up.

EMA is still bullish and we may not see a retest of the confluence at the support level for the EMA's as the the curve is steep and the market has the potential to continue forwards upwards.

RSI is at 70. It needs a push down towards the neautralized levels for the market to take the long positions along with it.

Gold bullish

Jan 16 2023