What can we say about gold? It has been ranging for a larger time and has accumulated around $30 usd= 300 pips, within its range of the given bearish market. On all time frames, gold is bearish trend with the formation of lower lows and lower highs. On the monthly timeframe, we still have a clean window on the left hand side to scale our shorts towards the price of 1875. We are looking to short the gold at the resistance level price of 1926 and continue it towards the level of 1875. 

The trendlines have been forming a fan pattern from a pivot point. The breakout sell has been induced earlier. Now, another trendline is in formation for the breakout sell which can definitely confirm the shorts on the pair.

If we talk about retracement, the 50% level has a confluence with the resistance level and the market cap reject this area.

EMA 50 is ranging along with the price action. There is no clear indication of the move on EMA 50.

RSI is at 53. It needs to tap into the over bought region where we will have a positive outcome for the short sells. 

Difficult range buffering up for a drop

Jul 10 2023