Sell position on XAUUSD using SUpply and Demand

17 Okt 2023

I see a clear downtrend on XAUUSD for the past few days. Im waiting for a possible rejection from a 4h supply zone with would potentially push market to the downside and possibly breaking below 1810.657 onto the weekly fair value gap or demand zone below it.

17 Okt 2023

Nota

I could take a risky entry from the supply zone, but its best to wait it out and get better confirmation from some bearish pressure. From there, one can look for a position on the retracement after the first impulse.

18 Okt 2023

Nota

This analysis will be invalidated if the market breaks above 1953. In that case, we might see gold rushing to the 4H FVG or the supply zone above. At the moment, I have no bias on the market until I see a strong, impulsive move from the current supply zone to the downside.