GOLD has been ranging since a few days and is stuck between the 1929 and 1919. We are still in a bearish trend as the formation of lower lows and lower highs are being formed. The structure seems bearish. We are going to wait for another retest at the resistance level to continue shorting in accordance with price action.

The descending trendline has already retest the price action and is continuing moving down.

There is no retracement level in confluence with the resistance on the given time frame.

The EMA 50 is still bearish and has reverted the EMA 50 retest and is now pushing down.  This means, market has the potential to continue moving down further.

RSI is at 47. It needs to neutralize at the 50 level in confluence with the technical factors. 

Gold in a range bound market to continue moving down

Sep 11 2023