Technically, gold has tapped the monthly, weekly and daily resistance level, and was unable to break it towards the higher side. With this, we see a retracement towards the bearish side which might be achieved from the resistance level. The price we are looking to go short is at 2055. It should be noted, the trend is still bullish. We are only anticipating this move as a retracement. Market is almost testing the resistance level from where, it has to dwell downwards towards the support area.

The ascending trendline has broken out for sells but needs to be validated after the break of the support level.

The retracement level is in confluence with the resistance level and aligns perfectly with the price action. 

We will see how prices react at the retracement level, forming an engulfing or some sort of rejection candle.

EMA 50 is still bullish and the candles are below the price action currently. The profit target can be set at the EMA 50 retest.

RSI is at 49. This is the bearish region. From here, the market can fruther decline towards the over sold region. Till then, we have the profit towards the down support level.

Still waiting on gold sells

May 08 2023