Gold is at the support level of price at 1860. This price target has also obtained the double bottom for the price. From here, we anticipate a bullish push towards the resistance level where we can see another bearish structure form. Despite all this dillema, the trend is still bearish and we need to understand that this move is the counter move. 

The ascending trendline has broken out for sells. Once the market breaks out, it has validated the sells. 

The retracement level of 78.6% is in confluence with the support level. This will make the market go up towards the resistance level.

EMA 50 is still bearish. We may see the resistance level at the EMA 50 as a retest. With this bullish move, we can set the target the resistance level. 

RSI is at 30. It needs to drop down at the over sold level. This over sold region will form the bullish divergence and then till resistance, it can head towards the over bought region.

Long positions from support for Gold

Feb 06 2023