We are looking at gold shorts from the resistance level of 1845. This level was the structure resistance which if broke out, will shift the trend towards the bullish side. Despite this, we are looking at the gold to further dip towards the support level and on to the daily retracement levels, from where, we anticipate a massive push up.

The descending trendline is retesting the price action at the resistance level from where it can continue drowining down.

The retracement area of 61.8% is in confluence with the resistance level. In fact, it is slightly above the resistance level. Market has the potential to retest this before diving down.

EMA 50 is bearish as well but remains untested. There is a slight chance that the EMA 50 will be retested at the resistance level.

RSI 14 is at the level of 41. It needs to be neutralized at the level of 50 from where it can align itself with other technical parameters to continue moving down.

Gold shorts till 1815.

Feb 21 2023

Take Profit +1.82%

Holding time 2d1hr

1844.83

Entry price

1811.26

Take profit price