BeyondEdge

XAUUSD Wyckoff Distribution - In progress

Short
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Distribution in progress following the recent marked up phase highlighted in my previous idea. Demand has been dominant up until now with weak rallies showing evidence of declining demand. The most recent price action failing to eclipse the buying climax on 13th Jan along with a decline below the mid-point of the TR.

Whist I will still remain wary of upthrust after distribution, I am expecting to see a further decline towards support and a successful break beginning the marked down phase. The immediate downside price objectives are 1810, 1802 and 1788.

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BeyondEdge
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