Gold stands at a double bottom premium support level from where, we analyse it heading upwards to create another impulse wave upwards. With that, we need to see whats the trend? It still seems bullish and the market has the potential to continue moving up for the purpose of creating another impulse move. The profit target for this pair would be at 1990 once the upward move starts.

The descending trendline has broken out but then, we have another ascending trendline which is heaving to retest at the support and from where, it can head up.

The retracement level of 61.8% is in confluence with the support level and has a major impact for another impulse towards the bullish side.

The EMA 50 is still bearish but is ranging between the longs and shorts. Once market breaks out from this range, the EMMA 50 has the potential to turn its bias towards the bullish side.

RSI is at 42. Once the bullish impulse starts to unfold, RSI will turn above the 50 level mark and will continue to move up.

Gold buys from 1960

Jul 24 2023

Stop Loss -0.36%

Holding time 22hr

1959.33

Entry price

1952.20

Stop loss price