Gold has been parabolic towards the upstream and continued its bullish move without stalling. Today, we saw a little retracement which gave us some scope to hop on the longs for further continuation towards the 1942 level. We will be taking long positions from the zone of 1910-12 and leave it for the long haul. It should be noted that the market is formed with the higher highs and higher lows bullish trend structure.

The descending trendline is not formed on any timeframe which would give us a perspective for a confirmation.

There is no retracement level defined in this setup as the parabolic move was just unscathed.

EMA 50 is bullish. In fact, super bullish. We do not see the retest potential on this pair towards the support side.

RSI is at 70. It needs to neutralize at the 50 level which should align with the technical factors for the bullish momentum.

Gold heading up towards 1942

Oct 16 2023