Buy gold from 1994
Vasl Capital
XAUUSD·
Oct 30 2023
Stop Loss -0.50%
Holding time 1d3hr
1992.89
Entry price
1983.02
Stop loss price
Gold has been in a strong bullish position since the war and the continuation is still upwards towards the resistance level at the price of 2020. We can also later fill the monthly wick once the market starts to make its mark up. The formation is higher high and higher lows with the bullish trend and the continuation seems validated.
The ascending trendline might be at the brink of the retest at the trendline, once it taps the level. Regardless of that, we still asses the continuation upwards on the gold curve.
The retracement level of 61.8% is slightly below the support level and the market may or may not touch the retracement level before going off for the bullish side.
EMA 50 is bullish as well with a steep curve upwards. It needs to be assesed whether it will retest the EMA 50 at the support level.
RSI is at 58. It needs to neutralize at the 50 level in order to align with the technical factors.
CONCLUSION: BULLISH