KnightsofGold

XAUUSD 1H - Pennant break and retest!

OANDA:XAUUSD   Gold Spot / U.S. Dollar
We love it when a plan comes together! Looking at gold we can see the pennant broke to the upside and now we've come back down for the retest. Please have a look at our KOG report from Sunday where we identified this target.

We know with a lot of triangle patterns they have the tendency to give false signals, while many traders were saying sell we were saying buy! Our level of 1795 has been hit, however, we can see this going a little bit higher over the remaining sessions of the week. We have moved our higher target to around the 1810-15 mark now as we're anticipating another move into that zone before we test the short trade to the lower levels. Right now we can see 1795 had a strong reaction so its normal for the price to want to pullback a little before trying to breach it. As long as this stays above the 1775 mark we will remain short term bulls only looking for these close range targets.

Our long term plan is to get that short opportunity and catch this down again as we have done previously.

As always, trade safe.

KOG
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🟡 Disclaimer: Not financial advice. For educational purposes only.

Comments

@KnightsofGold Interesting take on gold price action - price is now at 1783 (after dipping to 1772). I have a few questions - 1) do you still believe price will rise to 1810 then drop? 2) what level do you believe price will drop to? 3) Are you bullish gold for the rest of 2021?
+1 Reply
@GoldenPig20 thanks for your comment. We think there is still a chance for this to go up towards the 1800-10 level however we're not going long targeting that level. We're looking for shorts from resistance levels as we feel there is room for this to go lower. we would rather be short than stuck in longs. We have a KOG target of 1720 and below that 1647. As we know with any market it won't be a straight road so we'll trade it as we see it. Hope that answers your question
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Love this break down! makes so much sense haha thanks again KOG
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@SIXMPA, 🙏
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