FX:XAUUSD   Gold Spot / U.S. Dollar
Gold is still within the range we've been in since last week, the correction of the breakout we saw earlier in the week has also been corrected now.

So what can we expect? It would make sense for Gold to range here until tomorrows NFP, all MA's are again starting to converge so a small correction later in the US session would be logical. Right now on the hourly its forming a small H&S pattern so breaking that 1785 support should take the price back down towards the 1770-65 level before settling again. We have an Excalibur target below, however, we're going to sit out until tomorrow now and analyse the markets looking for clues as to which direction we're going in tomorrow. What is throwing us off a bit is that it looks like its coming back to retest the breakout of the triangle, which if it does will mean the H&S has failed. This is typical behavior of Gold pre news release, you'll find choppy price action and patterns within patterns all contradicting each other.

We're still playing short on this as long as it stays below 1810. If it wasn't for NFP we would have scaled into a position with smaller lots, but, because of the accumulation and ranging we're experiencing we don't think its worth the risk.

As always, trade safe.

KOG

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

Comments

Whats about tommorow's view?
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KnightsofGold erikonas822
@erikonas822, We'll publish it an hour before NFP
+1 Reply
I really like your ideas and levels really helpfull for me , appreciate.
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KnightsofGold erikonas822
@erikonas822, You're most welcome. Glad we can help and wish you all the success in your trading journey.
+1 Reply
A clear and professional analysis👌
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KnightsofGold mahdisoltaninjad
@mahdisoltaninjad, 🙏 Thank you
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