XAUUSD 1H - Levels

XAUUSD 02/02/22 1H

Support: 1795 / 1792 / 1785 / 1777 / 1775 / 1770

Resistance: 1799 / 1797 / 1805 / 1810-12 / 1818 / 1820-22

KOGs Bias for the day:

Bullish above the 1795-1797 level with targets above being 1805, 1810 and above that 1818

Bearish below 1795 with targets being 1792, 1785 and below that 1777

Summary:

We’re accumulating within a 40pip range between 1799 resistance and 1795 support. Potential here to form a H&S which if it completes would take us down towards the 1785 level support. We’re neutral at the moment awaiting a break either side.

Leading up to events like FOMC and NFP you will get a lot a patterns inside patterns so their validity is a slightly dissolved. Level to level at the moment playing support and resistance levels until we get the break.

We've also rejected at the first long target we had on the KOG report which gave an opportunity to short the market back down into the support region of 1795-7. We're expecting more choppy price action leading us into tomorrow and ready for NFP.

As always, trade safe.

KOG