Gold has started its bullish direction, with the structure being higher highs and higher lows. The trend on h4 is still bullish. We will continue to take the buy positions on the pair. At the support level priced at 1845, we will take the long position till the price of 1865. 

The ascending trendline is being retested at the support level. Right now, its on the verge of the breakout sell but the market may reject it and continue moving up. 

The retracement level of 61.8% is slightly below the support level. This might be the stop hunt level from where the market can continue its course of moving up.

EMA 50 is also bullish and is on the way of being retested at the support level. This will make the double confluence with the EMA 50 and the trendline retest. 

RSI is at 57. This needs to be neutralized at the level of 50, where all technical factors are aligned. We will continue subjecting the technical analysis based on the RSI with the price action.

Gold retesting the support

Mar 06 2023