Gold seems to be heading down after the breakout sell from the support level priced at 1996. The market is now moving down and has the potential to continue retracing towards the 1980 level of the support. Right now, the trend is still bullish on the higher time frames but the structure of H4 is formed as lower lows and lower highs, advertedly, forming another leg down.

The ascending trendline is still in recess of being broken out for sells or retesting. I will monitor this till the market bends down towards the ascending trendline.

EMA 50 is still bullish and the market may retest and tap the EMA at the support level in confluence with the trendline retest.

RSI is at 53. It needs to move upwards towards the over bought region in order to gather all the sell order and then align with the technical factors for continuation downwards.

Gold down after breakout sells

Nov 22 2023