XAU Nearing End of Distribution

26 thg 6

Expecting XAU to be bearish for the mid-term.
**Please click on the chart for reference.

Using Wyckoff Theory, we are nearing the end of the distribution cycle. There's always the possibility that price could push back up through the top of the trading range with a UTAD. If price breaks through the TR support and retests it as resistance, I'm expecting the downtrend to start at that time. If price does not break and retest support, I'm expecting it to travel north through the TR to make a new high (test of demand) before selling off. Current structure and technicals don't necessarily support the second possibility but I'm throwing it out there as a "possible-maybe".

I currently have a small short position with short term targets of
TP1 @ 2278.04
TP2 @ 2243.76
TP3 @ 2187.09

3 thg 7

Đóng lệnh: đạt mục tiêu

I closed my short position early at around 2298 as technicals indicated that price was going to do a short term reversal. Price did push back up to my green zone. I'm watching for confirmation to initiate another short position from this point.