Gold has been in bullish trend but also intends to drop further down as we expect a reversal on this pair as of now. The market is standing at the previous wick level of support turn resistance and the market has the potential to form a bearish pinbar in order to start dropping towards the next bearish leg. If the bearish momentum is followed, another lower high will be formed which can extend to another lower low.

The ascending trendline has been brokent out for sells with pressure and has been validated by the price action. The lower time frame trendline is on the verge of being formed and can continue falling inducing it.

The retracement level of 75% has been tapped, which is the weekly retracement level and has a solid potential to push the market down.

EMA 50 is just blanketing the price action and is currently up and hold of the price action. We anticipate the market breaking the EMA 50 towards the bearish side and continue moving down.

RSI is at 61. This is the bullish region right now. We need to wait for the market to fall below the 50 region and retest the 50 level region in order to continue moving towards the over sold region.

Another attempt on gold

Dec 21 2022