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 1978-80. This level is the support level of our range. We will take profit at the resistance level of 2000, that is after the market has broken out from the resistance level to continue its mark up. As the market is ranging right now, there is a high probability for it to continue moving upwards.

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

Ranging gold building up for bullish impulse

Oct 27 2023