Gold is still bearish in a higher scheme of things. Therefore, we will be looking for a short position once we find the right resistance. Market has broken the support level and now about to retest the support turn resistance. That being said, we will wait for a bearish pinbar or engulfing in order for the market to tap down making another impulse bearish move. Market has formed lower lows and lower highs, which indicates the bearish sentiment over all.

The ascending trendline has been broken out for sells and on the lower time frame, we see another bearish trendline breakout sell.

There is no retracement on the bearish impulse move.

EMA 50 is bearish and has earlier been tapped by the bearish market candle. Therefore, the bearish trend is continued.

RSI is at 58 which indicates the bullish region. Market needs to neautralize at the level of the resistance in order for the market to continue moving down.

Gold shorts after stop hunt

Nov 03 2022