Gold is heading back towards the minor resistance level after dropping towards the 2042 level. Now, the market has another chance for us to hop on to the sells and continue riding the down wave. The market is in a down trend with the immediate formation of lower lows and lower highs. That being said, we are still looking for shorts even after banking the previous setup. 

The ascending trendline has triggered the breakout sells and the validation is complete as well. That being said, the market may form another bearish correction with the trendline breakout sell.

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

EMA 50 has turned bearish as well. The market can drop further down.

RSI is at 51. It needs to either breakout from the 50 level or head back towards the over bought region. The bearish divergence once formed can continue moving down.

Gold still going down

Feb 07 2024