GOLD has been in a bullish trend with the higher highs and higher lows formation. Market broke out of the major resistance level priced at 1920 and now is being retested at the support which was previously resistance. Now, we are anticipating another bullish impulse upwards towards the parameter of 1950. We are seeing another pinbar formed at the support level.

The ascending trendline has been retested at the support level. This will form a confluence . 

The retracement level at the support is at the 61.8% level, which is in confluence with the support as well.

EMA 50 is steep bullish and we do not see market returning back to retest it. Therefore, we will simply keep it as a bullish sign until unless further more it starts to descend.

RSI is at 59. It needs to neutralize at the level of support in order to fulfill the orders to further continue moving up.

GOLD bullish

Jan 23 2023