Gold has shown a strong upward trend following the financial crisis in the USA, and is currently approaching its previous high from 2020. Additionally, traders are monitoring a potential dip in the market towards a support level at the price of 1933. The trend is considered bullish as evidenced by a pattern of higher highs and higher lows.

The support level coincides with an ascending trendline that is likely to be retested, potentially resulting in a rejection. Conversely, a resistance trendline has already pushed the market downward.

An important decision-making factor is the retracement level of 78.6%, which intersects with the support level. Additionally, the EMA 50 indicator shows a bullish trend and may be retested at the support level, potentially providing additional confluence.

Currently, the RSI indicator is at 69, and traders are looking for the market to neutralize at the 50 level before an impulse bullish wave can potentially form. Overall, the trend is bullish.

Buying gold at the H4 support level

Mar 20 2023