Gold is in a bullish trend but has tapped its daily, weekly and monthly resistance, which has formed a resistance confluence amongst all its time frames. Right now, market is ranging and we cannot really anticipate its direction towards either of the side. We have to wait for the breakout on either of the side. Despite this, we are still looking to go long from the support level as we anticipate that the market will tap the resistance again after tapping the support. 

The ascending trendline has broken out for sells and the candles have yet to validate the breakout sell. It still needs to retest the breakout sell region.

The retracement level of 61.8% is in confluence with the support level. This area tends to be a solid foothold for the market placement upwards.

EMA 50 is also bullish right now. It may retest the market at the support level where it will form the confluence with the support level and the EMA 50 along with the retracement. 

RSI is at 41. It needs to head towards the over sold region in order to form a bullish divergence and then continue moving up. 

Looking at gold buys from 1940

Mar 27 2023