Gold is operating in a channel range and since its bearish move earlier, we anticipate a further decline on it. The market is currently at the resistance level priced at 1885 and is having lower volume compared to previous days. We will wait for a bearish confirmation in regards to the price action for the market to continue its another impulse wave downwards. On higher time frames, gold is still bullish but this corrective move shall be noteworthy to be taken.

Gold is in an ascending channel which depictrs the bearish potential when the upper trendline is tested. Market is slighly below the upper trendline and may not test the trendline. If it does and rejects the trendline, it will be a confirmation for us to take the bearish trade.

We do not see any retracement factor in this particular setup.

EMA 50 is also above the current market price and may not tap the price action. Therefore, nothing noteworhty as the EMA 50 might not be retested.

RSI is at 47. This RSI needs to be neutralized at the level of 50 aligned with the chart technicals we have mentioned. Even if we hit the 50 level of RSI and the market is at resistance, its a confirmation on two technical parameters for us to go bearish.

Gold in a channel

Feb 09 2023

Take Profit +1.47%

Holding time 15hr

1883.12

Entry price

1855.43

Take profit price