Gold still is bearish until it breaks the resistance level priced at 2012. 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. We are looking at the resistance level at 2012 once again for the shorts. 

The descending trendline has barely broken out for the buys but the structure is still bearish. Therefore, a mere breakout buy cannot undo the selling pressure.

The retracement level is in confluence with the resistance level. 

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

RSI is at 37. It needs to neutralize itself at the 50 level and align with the technical factors to continue moving down.

Still shorts on gold from 2012

Dec 12 2023