Sforex

Gold Technical Analysis: A short-term squeeze is acceptable

FX:XAUUSD   Gold Spot / U.S. Dollar
487 2 1
Gold             underwent 1.5 months of strong 'selloff", last week we saw Gold             set up new YEAR LOW at 1053
Today, Gold             bounces back from the new year low to the old year low.
We will watch the reaction of GOLD             around this level. Watching RSI and Stoch indicators, I see they escaped the oversold zone. After a long time lying in oversold zone, a short term retracement is allowed. If Gold             breaks the old year low, an advance to the resistance at 1100 is acceptable.

I think SELL XAUUSD             at 1100 is a good option.
I think at the same time a rejection here at 1070-1075 sets up for a lower leg down to 1025
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thanks for sharing your chart.
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