Gold has been in a bullish region and recently surged from the support level of 1948. This level was a support level of daily and h4 and has been a reactive level for the market. The trend on gold is still bullish and the market has the potential to continue moving up towards the resistance area at 2040. Right now, we are at the support level priced in at 2004. We will be looking to go long form this point onwards.

The ascending trendline has broken out for sells and the market is yet waiting to break the structure to form a bearish structure. Therefore, it cannot be ascertained for the market to fall into the bearish region as of yet.

The retracement level of 50% is slightly below the support level for the confluence.

The EMA 50 is still bullish, which has started to range in the region.

RSI is at 53. This needs to fall in to the over sold region in order for us to to hover into the price action alignment. With the over sold region being tapped, we can have the potential to go upwards with more force.

Gold buys from stop hunt level

Apr 08 2023