XAUUSD - KOG REPORT UPDATE:

Quick end of day update from us here at KOG.

So we can see the price has hit our lower target but it didn't quite go to plan. We got the move down we wanted into the support region where we wanted to go long back up to then take the short again into the target. Gold took no chill pill though and instead moved straight into our lower target where we can now see the price has bounced and we're seeing some breathing space. We have FOMC tomorrow so we're not looking for much more aggressive bullish movement, rather the price to settle around this region and range Pre-FOMC before they then move it again. Thats unless its already priced in!

So we'll remain with the view that we want the higher region to be attacked and we want to see rejection there to take this further down. Our first point of resistance is around the 1885 mark, above that 1897 and above that the level we want 1913-15. Its a difficult market to trade so trade it carefully, there is still more of this volatility to come across most pairs with Gold being one of the hardest to trade. We're taking it slowly with reduced lot sizes to trade level to level on the smaller timeframes with the plan to wait higher to go short. Longs are into resistance levels for now!

So as it stands we have the lower level of 1825-30 and the higher level of 1915 and 1930 as key zones. Potentially these are the levels they will drive the price into to buy or sell so we'll be waiting patiently higher up to short, or lower down to go long. Until then, in and out, taking what the market gives us.

We'll be back tomorrow with our review and the FOMC KOG Report.

As always, trade safe.

KOG