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 2030. 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. Meanwhile, the lower time frames have broken out from the price action and the validation is still pending.

The retracement level is in confluence with the resistance level at the level of 75-78.6%

EMA 50 is still bullish and the market is dropping, so, most probably the EMA 50 will be pierced towards the bearish side.

RSI is at 54. It needs to technically align with the parameters at the over bought region forming a bearish divergence.

Another attempt on Gold selss

Feb 21 2024