Gold took us out on multiple long positions. Now, we want our pips back. Technically, gold is now in a bearish run and is standing at the support level of the daily and weekly as well. This support is strong and we might see a retracement towards another bearish impulse. The retracement would not convene that the market is off to the races on the bullish side. The structure is lower low and lower high and is highly ancitipating the continuation towards the bearish side breaking the support. We are looking to short the pair at the price of 1954, which is the broken support turn resistance.

We ascertain a bearish breakout sell from the candle. The market started to push down from the resistance. This is another bearish validation on the pair. 

There is no retracement element on this pair as of now.

EMA 50 is bearish and the area we are looking to take a short on our position, we are seeing a EMA 50 confluence forming. which could strengthen our bearish position.

RSI is at 37. It needs to neutralize at the 50 level to align with the technical factors.

What's good, GOLD?

Jun 05 2023