Gold on higher timeframes has shifted its bias towards the bullish side, forming higher highs and higher lows. With that given element, we are looking towards another bullish leg heading towarads the resistance. The shorter trend has formed bullish on H4. Lets see where the other timeframes take the gold.

The breakout buy of the descending trendline has already induced the breakout buy. With that breakout buy, we are looking towards another bullish leg of the pair as the breakout buy has been formed for the higher timeframes as well.

The retracement level of 50% is in confluence with the support level where we are looking at the long positions. 

The EMA 50 has recently broken out for buys and is now retesting the the price action for the continuous bullish move.

RSI is at 61. This needs to be neutralized at the level of 50 and align with other technical factors for the market to continue moving up.

Change in bias on GOLD

Nov 25 2022