We are still holding the previous gold short position. Gold still is bearish. It has painted a bearish sign earlier and I will continue to sell the pair till it reaches the next support level at 2000. Gold has formed lower lows and lower highs and is in a bearish trend right now. We are looking at the resistance level at 2020 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.

EMA 50 is bearish and the market can continue moving down based on the steep decline of the EMA 50.

RSI is at 39. It needs to resort towards the neutralized level at 50 from where the market can align with the shorts.

Gold breakout and retest for sells

Jan 24 2024