Gold has been in a bullish trend with the formation of higher highs and higher lows. We are looking to capitalize on the corrective move on the structure which will be the bearish side. We can take the profit at the support level priced at 1805. We took a loss earlier on the short position but we are still short on the pair and are looking towards the short side sells from the price of 1847.50 as the market has broken the support and is retesting it. 

The resistance trendline has been tapped and reacted by the price action. The support level trendline has not been formed yet.

There is no retracement indication in this particular setup.

EMA 50 is still bullish and might be tapped at the support level where the EMA can form the confluence.

RSI is at 59. Heading down from the over bought region after forming the divergence. Once it hits back the over bought region, we will have a solid move down.

Gold convened the sell levels

Jan 05 2023

Stop Loss -0.50%

Holding time 1d3hr

1846.39

Entry price

1855.58

Stop loss price