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 1938. This is the level of the sell once the market starts to print bearish price action. Market has already formed the inverse head and shoulders and is on continuation of the downward move.

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 51. It needs to drop down below the 50 level in order to align with the technical factors.

Still bearish on GOLD

Sep 04 2023