Gold has been in a bullish trend on weekly and monthly. On the daily, it retraced heavily towards the support level of 1955. Market broke the previous resistance and is now testing it at the support level, priced at 1975. We will be taking a long position here as gold formed a strong bullish engulfing candle earlier which portrays the bullish sentiment.

The descending trendline is on the verge of breaking out from the price action. This will induce the breakout buy. Once broken out and validated, it will be a confirmation for a further fuel up.

There is no retracement level in this setup.

EMA 50 is bearish right now. We can utilize this EMA 50 as a profit target of our long positions.

RSI is at 46. It needs to dwell into the over sold region where we can align our technicals with the chart and then take the long position.

Still believe for Gold to move up

May 22 2023