This is the gold futures market, a 1500 tick chart from Moscow exchange. It means – each candle consists of 1500 trades. Vertical lines represent the session dividers.

Note, what is important.

  1. Until 18/Feb days were narrow and boring. 
  2. But after 18/Feb trading activity increased a lot. The number of registered trades increased dramatically. And days become wide.
  3. As the profile states, the majority of trades were registered between 1635-1660. The POC (maximum volume) formed around 1650 level
  4. Failed attempt of price to settle below the 1635 zone (SLKB Trap)
  5. Failed attempt of price to settle above the 1660 zone (SLKT Trap)
  6. But today, 28/Feb price is holding confidently below 1635 level.

So what?

I’d like to interpret this activity as the Distribution (Zone of weakness). The increased activity could mean that insiders are busy selling contracts before bearish news will appear. Watch for possible testing of 1650 level in order to find shorts.

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