Gold setting the bullish tone
Vasl Capital
XAUUSD·
Nov 02 2023
Stop Loss -0.61%
Holding time 4d13hr
1986.18
Entry price
1974.01
Stop loss price
We took a loss on gold earlier and now, as the month has closed, we are re assesing our current bullish sentiment which has a continued effect towards the upper side.
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.
There is no retracement on this setup.
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. It is currently blanketing the price action perfectly.
RSI is at 53. It needs to neutralize at the 50 level in order to align with the technical factors.
CONCLUSION: BULLISH