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 1927. This is the level of the sell once the market starts to print bearish price action. Market has already formed the bearish trend and the market needs another retest to continue pushing down.

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 market continued its mark down with the previous higher time frame rejection.

There is no retracement level on the pair for now.

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 33. It needs to neutralize at the 50 level in order to align with the technical factors.

Stacks on gold from 1927

Sep 06 2023