i believe gold is forming an distribution on the daily.
As you can the selling climax and the automatic reaction forms the trading range for the coming week/months. Eventually it will result in a downtrend.
For now, gold made an secondary test what probably will fail en will come down to the lower side of the trading range. If this happens, phase A of wyckoff will be finished. This phase is clearly where we can see a change in trend. In phase B, it will take time for the big players to sell their stock/gold.
I will keep you posted.
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Thanks,
Hendrik
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what we want to see in a distribution that there is developing a change in trend. as you can see it continues its way up. so if we now forming an equil high, so above the 1680 area the change in trend doesnt appear. so that its very likely we are in a re accumulatoin zone. so for now, with not correcting upward but more impulse its hard to say. the volume is declining instead of inclining, this is also a bearish signal.
I dont see re accumulation yet.. If this little run make a top at the same level at the previous top or higher.. I will change my mind. So this week will probably be very important for the trend. But if it comes down back to the lower range, we will have a change in trend