Gold has gapped up during the escalation of the war crimes in the middle east. During these harsh times, usually gold moves as a safe haven and towards the bullish side. We are looking to go long at the support level from the price of 1835, which is the gap filled area. This area needs to be respected in order to fill the buy orders and continue its mark up.

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

There is no retracement in this setup currently.

EMA 50 just recently broke the price action towards the upper side and has the potential to continue its bullish trend by staying below.

RSI is at 58. It needs to be neutralized at 50 level or even fall at the over sold region, from where we can see the bullish divergence being formed and hence, the contiuation upwards.

Gold amongst crisis

Oct 09 2023