Gold has been in a roller coaster ride lately. The higher time frames are now bearish as well but daily time frame is indicating a bearish structure as the market is still stalling at the resistance level. This resistance level will make and pave its way towards the bearish side forming a lower low and lower high. We can easily target the support at 1920 after the breakout of 1941 has been induced.

The ascending trendline has broken out for sells and the market needs to retest the broken support once more in order to continue moving downwards.

There is no retracement level in play in this setup.

EMA 50 is bullish right now but as the market flips towards the bearish side, the EMA 50 will become bearish and move on top of the EMA 50.

RSI is at 35. We need to have RSI in a neutralized region in order for the market to align itself with the confluence on the technical side.

Gold shorts went in vein

Aug 01 2023