OptimoomFX

Gold- Sell rallies for a new local low

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Last week, Gold fell hard...
At this point, a correction is underway and this can be seen as an opportunity to build up short positions
Only gold above 1815-1820 zone would put a pause in this outlook
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Comments

great job

thanks for sharing it
some local rise here is expected
+2 Reply
OptimoomFX MMBTtrader
@MMBTtrader, yes, a correction should follow
Tganks for comm
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Great analysis, thanks for sharing
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Thanks for sharing
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agree with the bearish move also :) thx
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Well done buddy!
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The RSI and stochastics indicate the gold is very oversold. The few times this happened the price spiked up. 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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Waiting Pullback :) nice analysis!
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Nice, lets see what happens. Good luck with your trades!
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Fantastic work!
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