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. We are looking to short at the price of 2040 which paves the way for a minor short. 

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 bearish right now and a retest on the EMA 50 at the resistance level will form a confluence. 

RSI is at 44. It needs to retest the 50 level of neutralization to align with the technical factors.

Gold shorts again!

Jan 10 2024

Stop Loss -0.56%

Holding time 0hr

2038.63

Entry price

2050.07

Stop loss price