Gold still is bearish until it breaks the resistance level priced at 2085. 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 2085 level region which is on the H1 and the market has the potential to continue its dive down.

The ascending trendline is forming for the breakout sells. It will also require a validation for the shorts.

There is no retracement level on this pair.

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 61. 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.

Another short attempt on gold

Dec 28 2023

Stop Loss -0.70%

Holding time 2d21hr

2085.15

Entry price

2099.71

Stop loss price