After hitting its weekly support level last week, GOLD has been on a bullish move, forming higher highs and higher lows. To trigger our long setup, the market must break past a solid resistance level at 1895.

The descending trendline has already broken out for buys and is still showing bullish momentum. Additionally, a trendline breakout buy on the H1 chart has confirmed the bullish pattern towards the 1900 pricing. There are no retracement indications in this setup.

The EMA 50 is also showing a super bullish trend, but there are no immediate signs of it being retested. Therefore, we will take the current bullish pressure as it is.

The RSI is currently at 71, indicating an overbought market. In order to align with our technical parameters, the RSI needs to neutralize at the level of 50. We will further analyze the RSI once the market breaks past the resistance level and retests it.

Still pending on gold

Mar 15 2023