Today's gold analysis

Yesterday I noted on one of the charts, that anyone still holding on to losing longs would be feeling a lot of pain today, and suffered they did.  And the suffering will continue tomorrow if they have not covered their longs yet.

Gold started falling this morning after a supply zone was formed after a buying climax seen on the smaller charts.  This zone was formed soon after thye London open and price retraced to the zone about 4 hrs later and stareted falling from there, and kept falling all day for a $35 high to low.

I pity anyone who say's that trading during the Globex session is irrelevant, as they will miss major S&D zones as seen today and yesterday, and on most days.

There were 2 demand zones from the 5k Vol chart, but they were not very good looking, however, they did offer tradeable bounces. The first was a $11 bounce and the second was $8.

The demand zone from yesterday was broken with RPM bars and as usual, price retraced back to the level for a throwback trade and fell $24 after that. In fact there were 2 throwback opportunities, with the first one offering a $11 trade down to first demand zone from the 5K chart formed on 8 June.

So the next level to look at will be the low from that selling climax on 8 June and then the NFP low.

The distribution I mentioned on Tuesday will stay in the background as weakness until we get a climax selling or aggressive buying on large volume.  So for the timebeing look to short on the rallies if you want to have a swing trade. But intraday traders can trade in both directions.

Here are the charts