Weekly level on gold has just been tapped at the price of 1807. This area remains untested and therefore has the potential to push the market upwards for further a due. Market was in a bearish trend earlier on the H4, but on the higher timeframes, the market is still bullish and we can assess the market to move up from this support, giving us at least 200 pips in profits.

The descending trendline is on the verge of being broken out for buys. Once broken out, market will give a confirmation for the market towards the bullish side.

The retracement level of 75-78.6% on the weekly time frame is in confluence with the support level. This level needs to be hampered and have a triggering effect on the prices.

The EMA 50 is bearish and we take profits at the retest level of the EMA 50.

RSI is at 35. This needs to fall in the over sold region, from where, a bullish divergence can formed and the market can align with the technical factors for the push up.

Buying gold from a weekly level

Feb 27 2023

Take Profit +2.48%

Holding time 4d9hr

1811.93

Entry price

1856.95

Take profit price