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GOLD > Trend Prediction and Sell Entry!!

OANDA:XAUUSD   Gold Spot / U.S. Dollar
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Analysis on #XAUUSD

the market now is at a short-term support level , we could actually see a relief rally from here but it will get rejected, may at 1790-1800, the next level of resistance is 1810, do I want to buy? NO.

I have been consistently posting about gold and in every post, I caution about buying the market, I will leave the links to my previous post which you can read all about it.

am sure you have heard about the say, "the trend is your friend", the trend FOR ME is to the downside fundamentally and technically.

now we are below the 200MA, broken many important levels, and looking for more downside possible.

The best place for me to sell will be 1810, previous support level now turned to a resistance level , but we may not go there, so I will also consider 1790-1800 for a sell if provided a valid reason to enter a sell trade.

Check today analysis below⠀

>>“There is no single market secret to discover, no single correct way to trade the markets.”


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-Disclaimer: This information is not a recommendation to BUY or SELL. It is to be used for educational purposes only⠀
-Please note this is just a PREDICTION and I have no reason to act on it and neither should you
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Comments

The RSI and stochastics indicate that gold is very oversold. The few times this happened the price spiked up. You are going to get wrecked. Look also at the 5 year pattern. Gold is clearly making higher lows. Look also at the 10 year pattern and you will see this is a cup-and-handle formation. Gold did this same pattern in the 1980s. The SLR requirements and Reverse Repo rates are causing of shortage of collateral. Basel III NSFR going into effect for European banks at the end of the week and UK banks Jan 1, 2022, make gold a risk-free asset.
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I have the same view on XAUUSD
Well done
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TradingAxis SignalProvider
@SignalProvider, thanks a lot mate
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Agreed, cheers
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TradingAxis Investroy
@Investroy, thanks mate
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Interesting setup. Thank you mate ;)
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TradingAxis StevesTradingV
@StevesTradingV, thanks a lot mate
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Great call, keep them coming. 🚀🚀
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TradingAxis financialflagship
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Excellent Set-up 🏹
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