Gold just broke out of a support on a bearish trend from a higher time frame. The broken support was at h4. Once the market retests this, it means, there is a potential to further drop down. We are looking at lower lows and lower highs at the moment which indicate the downwards fall. The price for the shorts is at 2035.

The ascending wedge has been formed. Once the ascending trendline is broken out for sells, we can continue moving downwards after the breakout validation. The descending trendline has also retested the price action.

The retracement level of 6.8% has been tapped which indicate another confluence for the bearish impulse.

EMA 50 is still bullish. Once the market starts its impulse down, the EMA 50 can be broken out.

RSI is at 53. Once the market reaches the over bought region, the bearish divergence formed will push it down.

Gold stuck in a range for bearish impulse

Feb 28 2024