We took a loss earlier on the gold spike downwards. Now, we are about to go long on another support level from the price of 1962. 

Gold has been in an uptrend lately, until it tapped the daily, weekly resistance and stalled. At this point, gold is standing tall at the support level of daily and weekly. The support area is priced at 1960. Prices will have a tough time breaking this support as it is solid. We will be looking to go long from this level with a confirmation from a bullish price action.

The ascending trendline is far away to be broken out for buys. If broken out, it will give us a confirmation of the bullish trend and continuation up.

The weekly retracement level is in confluence with the support level and falls into the over extended retracement level of 75%.

EMA 50 just turned bearish. We can look at this EMA 50 as a retest and bok our profits once it retests.

RSI is at 29, which is the over sold region and near about the exhaution region. We need to wait for the RSI to fall below the 25 mark we can align with the technical charts and go for a long position.

Major support levels tapping

May 19 2023

Stop Loss -0.78%

Holding time 6d0hr

1961.12

Entry price

1945.74

Stop loss price