Gold still bullish
Vasl Capital
XAUUSD·
Apr 21 2023
Take Profit +3.23%
Holding time 9d16hr
1977.48
Entry price
2041.45
Take profit price
Gold had been in a bullish trend with the structure formation of higher highs and higher lows. This structure was broken in a bearish one once gold started to stall from the monthly resistance. With that, h4 has turned bearish whereas, daily and weekly are still bullish and continuing to move upwards. We are at the support level of a previous swing point priced in at 1970. This is the point of another swing high, if so, its created.
The descending trendline is still far from the support level to take out the breakout buy. If breakout buy is induced with the mounting pressure of the bulls, we will have more confirmation.
The retracement level market was in was in a perfect retracement zone of 79%. This zone confluenced with the support level to go up.
EMA 50 has just turned bearish, therefore, we will use it as our potential target profit.
RSI is at 37. This needs to be neutralized at the over sold region where a divergence would be formed aligned with the technical factors.
CONCLUSION: BULLISH