Gold has reached the premium level of our anticipated resistance level of 1945. This price is the confluence of daily and h4 levels of resistance. That being said, we will be taking a short position on this level as the overall trend on higher time frames is still bearish and we need to capitalize on it. 

The descending trendlines of the weekly are retesting the price action at the ressitance level. This resistance level needs to be respected for the rejection. 

The retracement level is in confluence with the resistance level of 75% which is on the higher time frame on weekly. 

EMA 50 is still bullish and needs to be retested. This retest can be our profit target for the purpose. 

RSI is at 71. It is already at the over sold region from where the market has aligned with the technical factors of the pair.

Lets short gold from a premium level

Sep 20 2023

Take Profit +0.95%

Holding time 9hr

1944.88

Entry price

1926.43

Take profit price