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 ascending trendline is due for the breakout sells and needs a validation for the market to continue moving down.

The retracement area is set for the bearish leg, for us, we will be taking the shorts 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 60. This means, market is at the bullish 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.

Another round of gold shorts

Sep 30 2022