Gold dropped massively this week and then, started to range at the bearish trend. The structure is lower low and lower highs and the market has turned into a bearish trend continuing itself towards the 1865 region, where it will be our profit target. From there onwards, we will see what to do next.

The minor ascending trendline has broken out for sells and the market may continue moving down. 

As the market is ranging, there is no retracement on this.

EMA 50 heavily bearish and curved downwards. It might not retest the EMA 50 at the resistance as the bearish pressure is heavy.

RSI is at 16. It needs to be neutralized at the level of 50 from where the market can take a dip down.

Gold in a range to drop down

Sep 28 2023