GOLD has been in a bullish trend on H4. On weekly, it is still trying to form a bullish trend but at the moment, its still bearish. We will be attempting to short the gold either from the resistance or after the support breakout sell and retest. This will confirm the structure of lower lows and lower highs. Once the support is breached, chances of bearish trend continuation gets high. Now that the market has broken the previous support now turned resistance, we will be looking to short at that given level of 1752.

The ascending trendline has been broken out for sells, with validation in place. The breakout sell is a strong one and only needs to retrace in order for us to get the short orders.

After the breakout sell, the retracement is a technical element which compliments the breakout. This retracement level will be 61.8% where we will be looking to go short.

EMA 50 is still bullish and we can set our profit target at the retest of the EMA 50.

RSI is at 46. This needs to be neutralized at the 50 level in order to align with other technical factors so that we can have a convergence of different confluences.

Gold break and retest for bearish leg

Nov 21 2022