Gold is currenctly at 1925, which is a H4 plus daily support level. The daily support level is rather weak than the H4 level. We are expecting a push up towards the resistance level at 1935 and then a drop. This is the price we will be looking to short again and have a short trade till the lower leg down. 

Currently, the ascending trendline has been breached and validated by the price action. This price action needs to have a slight retracement in order for the market to continue pushing down. On a lower timeframe of say, m30 or m15, if another ascending trendline is formed and broken out for sells, we will take another sell.

The golden retracement area is drawn on daily and h4 and the market currently stands at that level. This level is strong in a down trend, therefore, we ancitipate a retracement of at least 100-150 pips, where we will be looking to sell. 

EMA 50 is bearish and EMA 200 is bullish. At the support level below, EMA 200 stands solid and might be retested. We can target EMA 200 as the potential profit target. 

Both the oscillators are currently in an oversold region and need to neutralize themselves at the resistance level. These neutralization will provide us the confluence to go short from the resistance. 

There is a waiting game on the gold for now as we need to see till where the gold retraces to and then look at the price action. 

Taking a position on melting gold once again

Mar 15 2022

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