Gold has been parabolic towards the upstream and continued its bullish move without stalling. Now, market is ranging and consolidating for another leg upwards. We are buying in this range with the price level of 1948-1950. This level is the support level of our range. We will take profit at the resistance level of 1972.

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

Going long one more time

Oct 19 2023