Gold after CPI is reaching the strong swing point at the price of 1758. This is the level of resistance and the market. has the potential to continue moving down after tapping the resistance. Market has formed higher highs and higher lows in essence of bullish trend on H4. 

The daily descending trendline has broken out for buys and the market has validated the breakout buy with candlesticks. The lower timeframe breakout buys have also been confirmed with the market.. 

The golden retracement area is in confluence with the resistance level and has the potential to push the market down. As the overall trend is still bearish in the whole picture.

EME 50 has turned bullish now as the market reversed from the bearish trend, heading towards the bullish region. The tap towards the resistance is where we can see the bullish pressure halt. Other than this, we will only see the short sell till the EMA 50 retest.

The RSI is at 66. Just 10 points shy of tapping the over bought region where we can form a bearish divergence and the market can continue falling down.

Gold heading towards the golden retracement region

Nov 10 2022

Stop Loss -2.28%

Holding time 20d18hr

1754.79

Entry price

1794.85

Stop loss price