Gold is in a bullish trend but tapped the daily and weekly level of the retracement level of 75% level. The corrective bounce downwards can be around 200 pips further more towards the support level of 1870. Right now, the resistance level is at 1900. We will have to wait for the lower low to form a bearish trend in order for the market to continue moving down.

The ascending trendline needs to be broken out for sells in order for the market to be validated and continue moving down.

The retracement level of 75% is of the daily and weekly level and is in cofnluence with the resistance level.

EMA 50 is still super bullish with the steep curve upwards. We can set the target towards the retest level for the profit taking. This retest also confluences with the support level.

RSI is at 64. It needs to dwell towards the over bought region and form a bearish divergence in order to fuel its bearish pressure and continue falling down.

Gold after CPI

Jan 12 2023