XAUUSD 1H - Levels

As we suggested yesterday we would be waiting for this morning for a confirmation of a short which has worked out well. The first target level of 2020-25 was broken which led us into the 2nd target region of 1995 where we seem to be seeing a reaction on price. We have highlighted the immediate regions to look for in terms of resistance targets and breaks and close above or below.

Support: 2010 / 2002 / 1997 / 1992 / 1980 / 1965

Resistance: 2022 / 2025 / 2030 / 2037 /2050 / 2064


KOGs Bias for the day:

Bullish above 1995 with targets above 2010. 2015, 2020, 2037 and above that 2064

Bearish on break of 1995 with targets below 1980 and below that 1965. Possibility for complete correction to 1955-50.

Summary:

EXTREME MARKET CONDITIONS! The movement is wild, 800pips up and 600pips down in one day is a very aggressive market, something that even professional traders are playing defensive on. Don’t try to catch the tops and bottoms and trade the momentum.

Level to level trading is best suited to this environment.