Gold has reached at the resistance level of price at 1926. 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. We can have another bearish impulse towards the support level. 

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. We have another ascending trendline in formation. Once this breaks out for sells, it will continue moving down.

The retracement level is in confluence with the resistance level of 61% which is on the higher time frame on weekly.

EMA 50 is still ranging between the support and resistance levels. The EMA once turned bearish, can continue moving down.

RSI is at 49. It needs to be neutralized at the level of 50 from where the market can take a dip down.

Keeping the trend alive

Sep 25 2023

Stop Loss -0.41%

Holding time 4d8hr

1927.40

Entry price

1935.23

Stop loss price