Gold still is bearish until it breaks the resistance level priced at 2058. 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 2058 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. On the other hand, the descending trendline might be rejecting the price action to continue downwards.

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

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 42. It needs to retest the 50 level of neutralization to align with the technical factors.

Gold another leg down

Jan 04 2024