Gold is in an uptrend on the higher time frames but is giving us bearish signal on the H4. We will wait for the price to tap the support region at the 1968 level, where the double bottom would also be forming, and only looking at the price action we will take the long position. The higher time frames have formed the bullish structure of the higher highs and higher lows.

The ascending trendline has broken out for sells and the descending trendline is still awaiting for the breakout for the buys. This fuss will only be cleared once the structure turns bullish on the pair. 

EMA 50 is still bullish and the market may tap and retest it at the support level we have drawn.

RSI is at 53. During its mark down, the oscillator may turn towards the over sold region from where, a bullish divergence can be formed and the market can continue its course moving upwards.

GOLD double bottom formation

Nov 20 2023

Pending

Published 249d ago

2386.99

Current price

1968.54

Entry price