Gold A Buy On Pull Back Around 1,850

Gold broke the downtrend that has been in play since August 7, 2020 on May 17, 2021. Please see the down trendline drawn from August 17, 2020 peak to January 6, 2021 peak indicating to us that the down trend is over, and any pull back should be a buying opportunity in our opinion. Our strategy is to wait for a pull back to around 1,850 zone for new longs. At current level we suggest booking profits because daily RSI 14 is overbought and gold needs to consolidate at best or pull back to digest the prior move.

Hope this helps!