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 bullish and the market can retest it at the at it and we can take profit.

RSI is at 63. It needs to resort towards the over bought region from where a bearish divergence can be formed and a continuation downwards is extended.

Brilliant shorts incoming

Jan 12 2024