Gold is still bearish with the trend of lower lows and lower highs being in pretext. With this level on gold, we are currently looking at the price of 1810, which is 100 pips below the current market price. That being said, we can continue selling till this price level. The market is currently ranging between two levels of support and resistance and need to attain either of the side to continue moving down.

The descending trendline still needs to be retested which does not seem to be the case at this point.

EMA 50 is bearish and headed downwards. The retest does not seem to happen anytime soon. 

RSI is at 22. At this level, its risky to short. Therefore, we will be looking at the neutralized level for 50 to continue the pitch down.

Since gold didn't test our level

Oct 04 2023