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 1971. 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. Another lower trendline has already broken the trendline for the breakout buys. It has been validated as well.

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 51. It needs to fall into the neutralized level of 50, where it can align with the technical factors.

Gold buys from 1971

May 24 2023