GOLD is at 1965. It is at the premium level resistance. From here, we are looking at gold heading down at least 100 pips. We will be dilligently monitoring the price action at this resistance level. Overall, the market is in a bearish trend on higher time frames, but is bullish on the lower time frames. This trend could shift to bearish once the market breaks the range on it.

The ascending trendline is on the verge of breaking out for sells. But it will take time.

The 75% retracement level is based off the higher timeframes. Therefore, the bump is essential to drop down. 

EMA 50 is bullish and the downside move could be retested at the EMA 50. 

RSI is at 66. It needs to hover on to the over bought region, where it can form a bearish divergence. From there, we will have alignment with the technical factors.

Gold shorts from premium retracement

Jul 18 2023