Gold has been playing with its direction lately. Earlier, we changed our bias towards the bullish side, but then again, gold changed its direction towards the bearish side and has the potential to further move down towards the wickfill, after retesting the broken support, which has now turned into resistance. With this broken support, market has formed a lower low and lower high.

The ascending trendline earlier has been broken out for sells and yet again, has broken out for sells, now awaiting the validation of the price action.

The retracement level is in confluence with the resistance level at the level of 61.8%, which makes it a strong foothold.

EMA 50 is still bullish and we can put our take profits at the retest of the EMA 50.

RSI is at 44. This needs to be neutralized at the 50 level, in order for the market to tap and then continue moving down towards the over sold region.

Bearish break and retest on GOLD

Nov 28 2022