GOLD-trade idea-last SHORT opportunity with low risk
Analysis: By looking at the daily chart of gold, we can see a huge swing channel to be formed. Since I entered with a SHORT position few days ago I am pretty confident about my expectation. We had a huge drop down, followed by a strong reversal. We have a lot of selling pressure from the bears, so I am still looking to see the 1500$ level in the near future. That will be the ultimate buy opportunity for this year. Once we managed to go down to the 1500$ the demand for CFD-s and physical bullions will be huge. I am bearish on short term, but extremely bullish on the long run.
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