Gold has been experiencing a bullish trend, but it has encountered resistance at its daily, weekly, and monthly levels, forming a confluence of resistance across all time frames. At present, the market is ranging, making it difficult to anticipate which direction it will take. Therefore, traders must wait for a breakout on either side before making any trading decisions.

Despite the resistance confluence, traders are still looking to go long from the support level, anticipating that the market will tap the resistance again after tapping the support. The buying price is at 1962. The retracement level of 61.8% is in confluence with the support level, providing a solid foothold for the market placement upwards.

The ascending trendline has broken out for sells, but the candles have yet to validate the breakout sell, and it still needs to retest the breakout sell region. On the other hand, the ascending trendline is rejecting the price action at the support level, and an incoming descending trendline suggests a potential breakout for buys.

The EMA 50 is currently bullish and may retest the market at the support level, where it will form a confluence with the support level, the EMA 50, and the retracement.

The RSI is at 51, indicating a slight retrace to neutral levels, which will provide a potential entry point for traders.

Another minor breakout and retest on gold longs

Mar 29 2023