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.

We are looking to buy gold agian at the price of 1978, given we have a bullish price action.

The descending trendline has pierced the price action and has validated it. Now, we have to wait for the structure to change to bullish. 

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, and it almost retesting the price action. We cannot ascertain the profit target based on the EMA 50 retest. 

RSI is at 53. We need to wait for the market to resort back to the neutralized level or head towards the over sold region, in order to form an over exhaustion formation on the price action.

Gold stacks on retest

Apr 25 2023