GOLD took a lovely dip on the news event today. Although we were bullish earlier, now the trend has completely changed and we will be taking a short sell from the resistance at the retest. Market has broken its structure of support and just turned bearish. This is a good sign for the continuation towards the bearish side.

The ascending trendline has broken out for sells and the candles have validated the sell. 

There is no retracement condition on this setup.

The EMA 50 is bearish now but we do not see any upcoming retest of the EMA 50 for the sells. Therefore, in this particular setup, EMA 50 will be void.

RSI is at 32. It needs to neutralize at the level of 49, which will align itself with the price action on the charts.

Deep shorts on GOLD

Jul 27 2023