Gold Wednesday short idea - RR 2:1 & 4:1

28 ก.ย. 2021

We have seen gold continue to print lower lows with the expectations of the FED beginning to taper being priced into the market since a stronger dollar is bearish for gold. There is also tremendous liquidity below the 1680 buying zone which is where gold is headed later this year. For now this idea shows a short term bullish scenario during the asian market, with a liquidity grab as high as the 1750 zone, which is where I would be comfortable entering sells. The stop is set above the previous high since more sellers will enter the market before this point. This analysis is only valid if gold reaches the 1750 zone, which it should do during the run up to NY open before the big selling pressure comes in. TP 1 and TP2 are set at the next major trend lines which need touching. Note we may be stuck in a descending sideways triangle for the rest of the week if this scenario plays out. Great potential here.