Come on Goldie! You can do it!
Vasl Capital
XAUUSD·
Oct 06 2023
Stop Loss -1.15%
Holding time 2d7hr
1828.75
Entry price
1849.77
Stop loss price
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. Our entry point is at the resistance level of price 1825.
The descending trendline still needs to be retested which does not seem to be the case at this point.
There is no retracement of the pair.
EMA 50 is bearish and headed downwards. The retest does not seem to happen anytime soon.
RSI is at 39. At this level, its risky to short. Therefore, we will be looking at the neutralized level for 50 to continue the pitch down.
CONCLUSION: BEARISH