Gold is fundamentally drive since last friday. Today, market started to drop down as per the trend of bearish movement. Right now, we are looking at the support level, from where market is moving up. At the resistance level, we are looking at the shorts. Market has market the lower low and lower highs, indicating a bearish trend. 

The ascending trendline is still needs to be broken out for the sells. Right now, we are hovering around the second pivot point.

The retracement level is in conflunece with the resistance level with the retracement level being at 61.8%. 

EMA 50 has been retested at the resistance level, which aligns with other technical factors around the gold bearish move. 

RSI is at 52. It needs to fall below the 50 level mark in order to indicate a bearish pattern and align with other technical factors. 

Gold short on a retest

Oct 24 2022