Gold has been experiencing a bullish trend. This level was a daily and h4 support level and has been reactive in the market. The trend for gold is still bullish, with potential for the market to continue towards the resistance area at 2040. Currently, the market is at the support level of 1994, and there is a plan to go long from this point onwards.

The ascending trendline is currently waiting for a breakout to form a bearish structure, so it cannot be determined if the market will fall into the bearish region yet. The retracement level of 50% is slightly below the support level for the confluence.

The EMA 50 is still bullish and has started ranging in the region. 

The RSI is currently at 53, but it needs to fall into the oversold region for us to align with the price action. Once it reaches the oversold region, there is potential for the market to go upwards with more force.

In conclusion, the market is currently bullish.

Gold stacks at 1985

Apr 11 2023