Gold is in a bearish trend on the lower time frames and has the potential to tap the weekly support at the price of 1810. This is the area we will be looking to go long on gold. Till then, we are looking to short the pair. The trend is bearish at the moment with the formation of lower highs and lower lows. 

The descending trendline has the potential to retest the price action at the ressitance level from where the market can move down towards the support region. We do not see any breakout of the structure as of now.

There is no retracement indication in this scenario as the impulse wave is minor.

EMA 50 is bearish as well and is steeply slopping downwards which means the trendi is solid bearish right now.

RSI on the other hand is just hovering above the over sold region. We need to asses the factor of the RSI neautralizing at the 50 level of RSI from where it can continue moving down.

Intraday sells on gold from 1840

Feb 16 2023

Take Profit +1.06%

Holding time 12hr

1843.15

Entry price

1823.69

Take profit price