Gold has buffed up towards the resistance level and the market has continued moving up. At the level of 1920, we see a solid resistance from where the market can stall down. The trend is still bearish with the formation of lower lows and lower highs. We need the market to form another double top at the resistance for the continuation downwards.

The ascending trendline is formed and the market needs to break the trendline in order for the market to continue its bearish momentum.

The retracement level of 61.8% is in confluence with the resistance level and the market continued dripping down. Market already factored in for the sells.

EMA 50 is bearish and the market may retest and there it would be the profit target.

RSI is at 34. It needs to test the 50 level in order to align with the technical parameters of the resistance level.

Still looking at shorts on gold

Aug 24 2023