Gold is bearish on the higher time frames. The market is bearish on higher time frames but needs to retrace in order to continue going down. The market is currently tapping the resistance level of 1948. This is the level of the sell once the market starts to print bearish price action.

The descending trendline of the weekly is rejecting the price action of the gold and might retest hard to push it down further. Whereas the ascending trendline has also tapped the upper pivot of the price action and needs to reject it as well.

The retracement level of 78.6% is in confluence with the resistance level. Therefore, a higher possibility for the market to continue moving down.

EMA 50 is bullish. It needs to retest or break in order to continue moving down. Our bearish positions can also be up to the retest of the EMA 50.

RSI is at 41. It needs to fall towards the neutralized level of 50 in order to align with the technical factors to continue moving down.

Gold played out well on shorts

Sep 01 2023