XAUUSD - 1hr analyze
Simple Trading: Distribution Phase
First, we can see that gold has started to consolidate. Once we see this, we look back at previous candles to identify the patterns in this phase:
(1) preliminary resistance
(2) the last buy
(3) a retest to confirm support
(4) confirm resistance without making a higher high.
(5) Higher high (typically a FAKEOUT)
We are waiting for the price to confirm the last step (6) to complete the pattern. If the price falls to SUPPORT, creating a LOWER LOWER, the Distribution Phase is complete. Expect gold turn to remain bearish.
Falling as low as 2815.
First, we can see that gold has started to consolidate. Once we see this, we look back at previous candles to identify the patterns in this phase:
(1) preliminary resistance
(2) the last buy
(3) a retest to confirm support
(4) confirm resistance without making a higher high.
(5) Higher high (typically a FAKEOUT)
We are waiting for the price to confirm the last step (6) to complete the pattern. If the price falls to SUPPORT, creating a LOWER LOWER, the Distribution Phase is complete. Expect gold turn to remain bearish.
Falling as low as 2815.
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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.
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.