Gold has been ranging on a weekly timeframe. There has been no correct direction on either of the side or pairs. With that bearing in mind, we are standing at the weekly support level priced at 1938, which also has a daily and H4 confluence. The price action from this support was super bullish with the formation of an engulfing candle. The target can be left open till the top resistance.

The market is in a bullish flag pattern. We are anticipating the breakout buy from the trendline towards the upper side. The retest of the ascending trendline will be our buying point. 

The retracement level of 61.8% is in confluence with the support level. It needs to continue flooring towards the upper side.

EMA 50 is bullish as it has broken out towards the bullish side with the breakout of the buy. We can retest at the EMA 50 a well instead of heading down towards the support level.

RSI is at 55. We need to wait for the neutralized level being at 50 and align with the technical factor.

Gold bullish from 1938

Jun 15 2023