Gold's bullish trend of forming higher highs and higher lows was disrupted when it started to stall from the monthly resistance, causing a shift to a bearish trend. While the h4 timeframe has turned bearish, the daily and weekly timeframes are still in a bullish trend and moving upward. The support level of the previous swing point is currently priced at 1970, which could become another swing high if it is created. 

The plan is to purchase gold at 1978 with a bullish price action.

The descending trendline has penetrated the price action and confirmed it, but we must wait for a shift to a bullish structure. The market was in a 79% retracement zone, which coincided with the support level and caused an upward movement.

Although the EMA 50 has turned bearish and is nearly retesting the price action, we cannot determine the profit target based on this retest. The RSI is at 53, and we need to wait for the market to return to a neutral level or head towards an oversold region to form an over-exhaustion formation on the price action.

In conclusion, the outlook is still bullish despite the recent bearish trend.

Gold on the angular

Apr 28 2023