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 1918 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 descending trendline has broken out for sells but the structure still remains bullish unless we break the support, this trendline is filtered.

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 48. It needs to dwell into the bullish region by tapping above the 50 level of neutralization. 

Gold longs from 1918

Jan 25 2023