XAUUSD 1H - Levels

XAUUSD 30/03/22 1H

Quick end of day update from us here at KOG.

So we've played the move down leaving a target behind and forming a IHS which is nearly complete. We're going to look for support below as we've broken above 1930 and then look for the 1947-50 price level. The target below remains as long as we remain under the 1960 price level so we will be looking for a reaction on price just above. Its the end of the financial year, end of the month tomorrow and beginning of next month on Friday, expect there to be some fireworks in the markets!! We're going to be taking it easy now and observe more than get into any big trades.

From this morning:

Support: 1917 / 1913 / 1909 / 1903 / 1895

Resistance: 1925 / 1933 / 1940 / 1944-47 / 1955 / 1963

KOGs bias for the day:

Bullish above 1930 with targets above being 1935, 1937 and above that 1940

Bearish below 1930 with targets below 1920, 1910 and below that 1895

Summary:

It’s the end of the month tomorrow as well as the end of quarter and financial year. There may be a lot of profit taking and position covering across the markets, so we’ll stick with level to level for now with the bias as above. KOG target is below so keep an eye on it.

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