GOLD has been at the support level on the daily and weekly and has the potential to continue moving up. We just need to evalute the price action for the bullish momentum in order to continue moving up. The trend is not confirm right now. But from the support level, it has the potential to form another higher high and higher low. The support level is really strong at the daily and weekly level at the moment. Retail sales is expected which might push the market up from this support.

The bearish flag pattern has already been formed and the marter has tapped the lower support trendline.

The resistance trendline needs to break from the trendline and confirm to the breakout buy.

The retracement level of 75% is in confluence with the resistance level and the market continued dripping down. Market already factored in for the sells. 

EMA 50 is bearish and the market may retest and there it would be the profit target.

RSI is at 39. It needs to break past the 50 level benchmark and then retest at the 50 level in confluence with the support level.

Another stack on gold short

Aug 21 2023