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. I am going to sell gold again at the 2032 level.

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

The retracement level of 61.8%-75% is in confluence with the resistance level.

EMA 50 just turned bearish and it is retesting at the resistance level.

RSI is at 46. It needs to neutralize itself at the 50 level and align with the technical factors to continue moving down.

Another short on Gold

Dec 06 2023