GOLD has been in a bullish trend with the higher highs and higher lows formation. Market broke out of the major support level priced at 1900 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. Now, the breakout buy has been breached and the market is about to validate the breakout towards the bullish side.

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

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 52. It needs to dwell into the bullish region by tapping above the 50 level of neutralization after retesting it.

Gold heavy buys

Jan 31 2023