Gold is still bearish with the formation of lower highs and lower lows, formulating the bearish structure across the board of time frames. Market is ranging at the moment and has is printing a rejection on the resistance level of the market. The previous low might be pierced further for another bearish leg, given, the market does not stall at the support level. The market has broken down the support level and is now retesting the level of support turn resistance.

The descending trendline still needs to be tapped as the rejecting candles keep on printing. This printing of bearish pinbards or engulfing will find us heading towards the further downside.

The retracement area at this resistance is in confluence with the resistance level and the RT 61.8%.

The EMA 50 is still bearish and is above the current market price as the the market has not yet tested the EMA 50 for another floor bearish.

The RSI is 44. We usually wait for the RSI to tap back towards the neutralized level, in this case, the 50 level. This level will act as a cap for the market to push up. With all technical parameters aligned, the RSI remains the last bench in the analysis.

Entering the gold short range

Oct 17 2022