We were short on gold but CPI made the Gold move upwards drastically. At this time, we are looking to long gold from the support level which is the minor one, priced at 1855. From here, we are tapping the first resistance for the take profit. The market has formed higher highs and higher lows, which indcates a bullish trend overall.

The descending trendline has broken out for buys and validated the price action as well.

There is no retracement setup on this pair right now.

The EMA 50 is bullish and curved upwards. The market needs to retest it at the level of support which may or may not happen. 

RSI is at 70. It needs to neutralize itself at the 50 level for the confluence of the technical factors.

Gold ballistic move on CPI

Jul 13 2023