Gold has been in a range since last week pretty much. We could not fathom the exact analysis on this pair as the trend on higher time frames is transitioning towards a bearish side. Therefore, we will only be taking an intraday buy from the support level of 1858 at this point in time with the profit target of 1870 roughly. The reason for this trade is that a support is being rejected continuously on H4 time frame. Although the trend seems bearish with the formation of lower lows and lower highs but the corrective move is something we will be cashing on.

The descending trendline is on the verge of being broken out for buys. Once its broken and validated, we can be confident for the mark up on the pair.

On higher timeframes, the support level is in confluence with the retracement level of 75%. This could pump the market up.

EMA 50 is bearish and we might see a retest of the EMA 50 at the resistance level.

RSI needs to drop to the over sold levels in order for the market to align with the technical parameters of the market. We will look for a bullish divergence in this case.

This could be a risky trade as we analyze the trend as bearish.

Looking for intraday buys on Gold

Feb 13 2023