Gold is in a bearish trend with the formation of lower lows and lower highs with another impulse towards the lower support level. The price for the shorts is at 2023. We will short at this level as the market is bearish trend with the lower low and lower high formation.

The descending trendline might be retested at the resistance level and form a confluence for another short setup.

The retracement level is in confluence with the resistance level. 

EMA 50 is still bearish and along with other confluence, it can also be a party to the factor.

RSI is at 59. It needs to technically align with the parameters at the over bought region forming a bearish divergence.

Gold incoming shorts

Feb 16 2024