Analysis & Trade Idea 💡
On the Gold seems to be in overall distribution from August the 10th after the market reached all-time highs. Key supply (support) and demand (resistance) zones have been highlighted in green and red respectively, it is worth noting that gold respects whole levels as points of entry for the sell as these correlate with demand (resistance) zones. The key point of interest on the is the daily buy to sell Institutional Candle, a potential swing trade has been highlighted which incorporates the 1950 whole level, this is also within the 78.6% discounted price range of the Fibonacci, in addition, the market will be able to sweep the liquidity created at the 1930 whole level given the market movers motivation to reach this POI., for this reason, I have a short term bias before a sell-off initiating from this level, this would also fulfill the UTAD (Upthrust after distribution) of the redistribution schematic which started to form at the beginning of October and the LSPY (Last point of Supply) in the distribution schematic that started to form after the all-time highs were established in August.
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