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 1915. The is the next support where we would be booking our profits. Right now, market is stranded at the resistance level of 1895. This level is a key level to determine the bearish or bullish side.

The ascending trendline is being formed for the breakout sells and once induced, it will create a magnificent selling pressure.

The retracement level of 75% is in confluence with the resistance level.

EMA 50 is still bearish and market might retest it at the resistance level. But apparently, it does not seem to happen.

RSI is at 41. It needs to retest the 50 level in order for the market to continue pushing down, aligned with the technical charts. At the moment, it is simply hovering around the neutralized level.

Gold in a spiral downwards

Jul 06 2023