🔸Hello traders, today let's review 1 hour price chart for gold. Currently distribution in progress. Closing in on range highs near 1975/1980 usd and risk/reward shifting in bears favor.
🔸Prior downtrend and recently distribution in progress bears will take over from overhead resistance. premium prices near 1980 usd above and 1930 usd below. Bears should wait for price to max out near premium prices before short selling.
🔸Recommended strategy bears: short sell from overhead resistances. distribution in progress. TP bears is 1935/1930 USD. swing trade setup. wait for price to max out before short selling.
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Thank you for the detailed analysis of potential asset movements, it was very helpful. It’s very interesting to observe your reasoning on technical analysis.
FOREXN1
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100% Agree , Price may have a rebound on the Resistance Area!
linofx1
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Great publication as always, thanks for sharing 🔥
RLinda
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Great publication! I think that this movement will be accompanied by some important news. So for now, I'm waiting and following the current news.
Gold-Tech
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Interesting explanation, I support you and agree with your idea)
jpeacockfx
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Good idea. It will be interesting to see later on today what impact FOMC will have. Best of luck!