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 2025. It seems like the trend is changing on the daily and H4 as lower lows and lower highs are forming.

The bearish flag pattern was formed on the chart, with a resistance trendline and the support trendline. That being said, the ascending trendline, denoting the bearish breakout is triggered and is awaiting the confirmation.

We do not see a confluence of the retracement on this particular setup.

EMA 50 is still bullish and the candles are below the price action currently. It is currently retesting the price action. If its broken out from the support and the EMA 50, then we have a good chance for a further decline.

RSI is at 46. 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.

Bearish flag pattern breached on gold

May 11 2023