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 turn resistance 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 has broken out for sells and market needs validation for the short sell. 

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 43, which is the bearish region. This region needs to be neutralized at the 50 level and will continue moving downwards. We will wait and hold for the bearish position towards the over sold region. 

Gold shorts continuing

Oct 28 2022