No Chance of gold being bullish in any case. RSI on weekly doesn't show any reversal in any case. plus MACD is looking terrible as hell on weekly. Although believe in foundation analysis more and have greater faith in trend lines but these indicators are also showing gold is going down which will be confirmed by the trend lines eventually.
GOLD will most probably...
SOl has broken the trend so it is going for the same trend line which will act as a resistance.
OBV also showing bearish divergence having lower low with corresponding higher high.
RSI has not shown any bearish signal yet but it will show ultimately.
Even on daily time frame, the engulfing candle substantiates that fact.
RSI is showing bullish divergence.
OBV is minutely above the previous point which shows bullish divergence as well.
since it is going in a parallelogram so possible target should be between the upper green box region.
people intending to long it : don't do it now. wait for bullish divergence that will probably come in highlighted region
people who shorted and wants to take profit : the yellow region is probably the accumulation region. you can start taking profit in that and completely close your position on .786 fib level. that is between 650 to 700 range
There are couple of things are of interest here:
rsi is showing bullish divergence so possible reversal after some accumulation in this region.
Fib analysis showing it is at 0.681 level
plus there is a support area down here.
you should be doing dollar cost averaging from here to get the best possible return
note: it is a daily time frame so might take a couple...