General overview: GOLD traded higher on Monday, after it hit support near 1854 . Overall, though, the pair continues to trade below the downside line , we would expect the major fall will continue towards the downside in the market. the pair traded towards the downside in the market ,the pair is headed towards the south side in the market and again shifting its intention towards the down side in the market, may we see certain pullback towards the upside in the market and again crosses its resistance level for some time, but according to the trend and the momentum in the market , after sometime it continue its downside in the market. the odds are favoring the bears and the lower low swings are forming in the market .
Based on technical views, market makes the lower low side in the market , shifting attention to our short-term oscillators , we see that RSI rebounded back above its 30 line , while MACD although negative has just poked, its nose above its trigger line. Both indicator detect slowing downside speed and support the notion for some further recovery before the next south side. According to the market momentum the pair is falling below the support line and making it further space in the lower side of the market. The traders are taking the lower high swings, the but according to the trend in the market the future steps will be on the sell
Trade idea : Based on chart and studies below we can say that sell pair at 1854 target is 1835 and 1825 with the stop loss of 1885.
