XAUUSD - KOG REPORT UPDATE:

As we approach the monthly close we can see some more bearish pressure on Gold. We wanted the higher resistance as illustrated on the chart to get a better entry to go short, however, Excalibur activated and gave us a 100pip capture this afternoon on Gold as well as hitting the target on Silver.

We would like to see this close the month having completed our target below so again will look for an up and down potential move. Plans remain the same as mentioned on the KOG reports.

From Camelot this morning:

XAUUSD 30/08/22 1H

Support: 1735 / 1730 / 1726 / 1722 / 1717

Resistance: 1739 / 1743 / 1747 / 1750 / 1755

KOGs Bias for the day:

Bearish below 1730 with targets below 1726 and below that 1717

Bullish on break and close of 1740 with targets above 1750 and 1755

Summary:

There’s a 150pip region here where there is likely to be accumulation before a breakout. Volume returns and we’re nearing the end of the month so expect some whipsawing and choppy price action.