GOLD has been on a bullish move since it tapped its weekly support previous week. We are looking at the gold in a bullish direction as it has formed the higher highs and higher lows of the pair. The market needs to break past through this solid resistance at the price point of 1895, in order to trigger our long setup. 

The descending trendline has broken out for buys and is still in the same dynamic bullish pressure. On the H1, there was a trendline breakout buy as well. This has confirmed our bullish pattern towards the 1900 pricing.

Threre is no retracement indication in this setup.

The EMA 50 is also super bullish but does not seem to be retesting the EMA 50 anytime soon. Therefore, we will just take the bullish pressure as it is.

RSI is at 85. This means that the market is in the over bought region and needs to neutralize at the level of 50, in order to align with our technical parameters. That being said, we will further looking at the RSI once market breaks past the resistance and then retests it.

Gold pushing bullish post SVB bankruptcy

Mar 13 2023