Gold is in a downtrend, yet in a confusing market. Although the market is forming lower lows and lower highs, the market has the potential to form another lower low heading towards the price point of 1930. The is the next support where we would be booking our profits.

The descending trendline has been tested at the resistance level and is being rejected. 

There is no exact retracemenet indication as the market is in a range bound market.

EMA 50 is still bearish and market will retest it once it heads back to the resistance level.

RSI is at 46. It needs to retest the 50 level in order for the market to continue pushing down, aligned with the technical charts.

Gold shorts

Jun 19 2023