gold 4hour overview of key s/r levels

🔸Hello traders, today let's review the key s/r levels on gold 4 hour price chart.
We got a noteworthy sequence of lower lows and lower highs, indicating a strong
downtrend, currently re-distribution in progress with limited upside.

🔸Fresh supply overhead at 1947/1970/1986 usd, while also fresh demand below
at 1902/1886 usd, however bears maintain strategic advantage and rips/rallies
get sold indicating limited upside potential for gold prices mid-term/short-term.

🔸bulls should remain on sidelines and wait for a bounce play later near 1850 usd.

🔸Outlook and recommended trading strategy: bears should wait for rips/rallies
and short from overhead resistances, break below recent lows at 1886 usd
opens up further downside and bears will target 1850 usd immediately,
1850 usd is a natural progression for the sequence of lower lows.

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Comment:

weak levels below, if we get a breakout expect strong sell side pressure

Comment:

breaking down already, watch out

Comment:

dump in progress

Trade closed: target reached:

1850 usd was just hit, congrats, TP hit.

Comment:

eurusd strategic outlook bears will target 1.0000

Comment:

eurgbp h4 best level to buy/hold TP +175 pips