Gold is in a bearish trend and momentum but is due for a retest at the previous low where the support has now turned resistance. We will be capitalizing on the further bearish move after the breakout and retest. We will continue bearish for a bearish impulse.

The descending trendline has to be retested at the resistance level. This tap might reject the prices at the trendline level. 

The retracement area is set for the bearish leg, for us, it would be the potential profit target area at the level of 61.8%.

EMA 50 is still bearish and may have a retest at the retracement and resistance confluence area. This area will act as a catalyst for our profit target.

RSI is at 34. This means, market is at the bearish region. Right now, we will wait for the RSI to neutralize at the 50 level in order for us to take another shorts aligned with other technical factors.

Gold shorts till 1652

Sep 23 2022