Gold seems bullish now on the daily and weekly. Market broke the previous resistance and is now testing it at the support level, priced at 1951. We will be taking a long position here as gold formed a strong bullish engulfing candle earlier which portrays the bullish sentiment. It is residing at the resistance level priced at 1978, but we anticipate this resistance breaking out for the continuation towards the bullish side. We will take another long position once the market retraces at the support level.

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.

The retracement level of 1959 is in confluence with the support level. 

EMA 50 has turned bullish and has the potential to retest the EMA 50. That is the area, where we will have a confluence with all the technical factors.

RSI is at 64. The RSI needs to neutralize at the level of 50. At this level, we will align our support level and then take the bullish position.

Lets go gold!

Jun 02 2023