Gold just witnessed a historical high today on monday, and the same day, recovered its surge towards the all time high. After the drop of more than 100 usd in one day, we are looking at further decline on gold till the 1980-2000 level. The structure just turned bearish. We are going to short at the resistance level to continue moving down.

The ascending trendline has broken out for sells and once the market has validated the breakout sell, we have a downward continuation. 

There is no retracement for the bearish side.

EMA 50 just turned bearish and we will be looking at the retest at the resistance level for the market to tap and continue moving down.

RSI is at 40. It needs to neutralize itself at the 50 level and align with the technical factors to continue moving down. 

Monday blues and reds on Gold

Dec 04 2023