Gold still is bearish until it breaks the resistance level priced at 2035. It has painted a bearish sign earlier and I will continue to sell the pair till it reaches the next support level. Gold has formed lower lows and lower highs and is in a bearish trend right now.

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 sign on this setup.

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

RSI is at 48. It needs to neutralize itself at the 50 level and align with the technical factors to continue moving down.

Still short on Gold

Dec 08 2023