To Sell or Not to Sell!
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Gold remains in a precarious position, currently hovering at a support level. This has led to short bursts of rallies, but these are likely to be short-lived, occurring within a bear market territory that remains unbroken.
Despite buyers demonstrating courage in the face of adversity, much more effort is required to counteract the selling pressure. The overall odds are not in favor of buyers, akin to swimming against the tide. A decisive movement in either direction from the current level would be beneficial, as it would reshape the price structure and provide clearer insight into the future trajectory of this precious metal.
For now, a short position is opened, with only the necessary stop-loss in place. This is a high-risk, high-reward trade.
Targets: TP 2334, 2320, 2313, 2300
Heed your DD!
Trade closed: target reached
TP1 at 2334 achieved!
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.