Gold has been in a bearish trend for a longer time and has been ranging recently. This range seems to be in a bearish context and w anticipate the market moving down from this range towards the support level of 1940. The structure of the market is lower low and lower highs, which indicates a bearish trend overall. We will take our short positions on the retest of the resistance level which has already been tapped.

The ascending trendline is on the verge of breaking out for sells. Once this is done, the confirmation will be stronger for the continuation.

The retracement level of 61.8% is in confluence with the resistance level and the market has the capacity to push it down further. 

EMA 50 is ranging up and down and the market has to break it towards the bearish side to coincide with the technical shorts we have identified.

RSI is at 55. It needs to drop below the 50 level in order to align with the technical factors on the chart.

Gold shorts from 1965

Jun 12 2023