Earlier, we had a bearish sentiment on gold, which has now changed towards the bullish side. The market is at resistance and the market is on the verge of breaking out from it. After the breakout, we will wait for a retest and see a formation of bullish engulfing to cater to the upside momentum move. Overall trend has also been moved towards the bullish side.

The descending trendline has broken out for buys as well. We await the confirmation for the market to validate the price action.

There is no retracement level on the gold at the moment.

EMA 50 has broken out for buys and is targeted towards the upper resistance.

RSI is at 64. It needs to neutralize in confluence with the support. 

GOLD change in directional bias

May 02 2023