XAUUSD 1H - Levels

End of day update from us here at KOG.

So we've come down to hit our next target which was 1940 where we've seen a reaction in price, however, we can see rather than gathering momentum and attempting to target the 1965 resistance level Gold instead is ranging drawing its mean closer. We will still look for this to rise into the resistance level above where again we will look for a strong resistance on price to test the short down for our next target of 1920. Breaking and holding above the 1960 level will negate this idea. As we've maintained, we will remain short for now looking for lower pricing.

From Camelot this morning:

Support: 1941 / 1930 / 1927 / 1923 / 1920

Resistance: 1952 / 1958 / 1960 / 1967 / 1971


KOG’s bias for the day:

Bearish below 1967 with targets below, 1941, 1927 and below that 1920

Bullish on break of 1967, with targets above 1971, 1975 and above that 1985

Summary:

After the move yesterday expect some form of retracement on the price, potential targets will be the immediate resistance levels above. We’ve come down here as planned and hit the 1940 target. We planned to switch to the level to level strategy from this level with the target below still remaining. Look for resistance between 1960-67 which is now the key area.

As always, trade safe.

KOG