Gold still is bearish until it breaks the resistance level priced at 2045. 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 2035 level region which is on the H1 and the market has the potential to continue its dive down.

The ascending trendline has been formed and broken out for sells. 

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

EMA 50 is bullish right now. If the pressure sustains, the breakout of the EMA 50 will consider the fall down. Until now, we can book profits at the retest of the EMA 50.

RSI is at 53. It needs to dwell towards the over bought region to form a bearish divergence, which has been formed. The technicals are now aligned with the oscillator.

GOLD shorts from 2035

Dec 20 2023

Stop Loss -1.46%

Holding time 1d1hr

2040.18

Entry price

2069.92

Stop loss price