XAUUSD 1H - Levels

Gold seems to have settled a little around the 1785 support region. We can see that we have formed a potential double bottom and a small 1H trend is active. We've tried to make the chart as clear as possible while trying to show you everything that is going on in its structure. We've highlighted possible movements for gold and feel this is based on gold breaking the minor resistance at the 1788 level and closing forcefully above it. We've plotted in 3 areas of interest where we feel the price could possible reject and turn to suffer more selling pressure.

We will remain bearish on this for now sticking to our original plan but expect the unexpected. Remember....Trade smaller for a few days and make sure you have a risk management plan in place. The responsible thing to do here is to wait for it to make its move in either direction, wait for the price to find a strong support or resistance level and exhaust, then get in to the trade. We don't think that will happen until early next week, so we're taking it easy on Gold for a couple of days.

Jackson Hole starts today so although structures are effective they can break very easily with volume and volatility. So please trade this carefully!!

As always, trade safe.

KOG