Gold is at the resistance level and started to drop from the level. The price is at 2030 from where the market can continue moving down. 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. 

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.

Market just tapped the 61.8% retracement and is going to continue moving towards the bearish direction.

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

RSI is at 51. It needs to break down from the 50 level and retest the 50 level to continue moving down.

Chaotic gold range to drop down

Jan 29 2024

Stop Loss -0.42%

Holding time 7hr

2035.98

Entry price

2044.59

Stop loss price