OANDA:XAUUSD   Gold Spot / U.S. Dollar
4H -

This lines up nicely with the weekly 1794-6 price level which was also the Apr /May accumulation and then the breakout towards 1900.

So we have 2 key support levels here:

1794-6 and below that is around 1760

Key resistance levels:

1813 and above that 1830.

This gives us a short term range and also an idea of turning points for gold


We would expect some retracement on the price after yesterdays bearish move down. Our weekly chart is showing there is still a lower level of around 1794-6 which is a key weekly level. The price can still go lower to this level before turning back to correct some of the move from yesterday. The concerning thing here for us is we now have KOG targets above and below which tells us Gold isn't ready to settle any time soon. For this reason we'll trade the daily Excalibur targets until we get confirmation of the new trend.

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

Comments

Hello KOG team, was expecting you to send us note prior to US open per last telegram message but nothing yet?
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@jayk786, Hi Jay, sometimes its best to sit back and observe the markets. No need to trade everyday, let it do its thing and when its settled and we're happy with the price action we'll get back in.
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It will drop for a week or so and the bullish will take over and the price will go back to 2000.00+
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KnightsofGold tradingwithvraj
@tradingwithvraj, Similar view. Any retracement looks to be shallow
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tradingwithvraj KnightsofGold
@KnightsofGold, wroth placing a sell trade or better to wait for confirmation?
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can't advice you on your trading unfortunately. The levels are quite effective, 1794 and 1820 seems like the range
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