XAUUSD - KOG REPORT! (Daily)

Daily:

We’re going to share the same chart we used on Friday for this as its really important to show the trend we’re in on the daily as well as the immediate support and resistance levels.

We can clearly see a strong attempt to break the short term trend line resistance to the down side. We have support just below at the 1770 level and resistance just above at the 1785 and 1795 levels. If we see support at the 1770 levels we would expect there to an attempt again at the 1785-90 level. What we’re looking for here is resistance at the 1790-95 levels again for this to go down further and test the 1750-45 region first and below that 1730-35. Resistance at the 1790-95 level would also potentially start the formation of a H&S on the daily. We’ve taught our students how to trade this pattern specifically on Gold as the volatility on this is quite individual to the pair.

1770-75 is an important level as well as 1805-6 where we keep rejecting. The concerning thing for us is that we have an Excalibur target around the 1815-17 region, so we are expecting there to be a move up to that price point some, we would also imagine there to be a lot of stops placed around that price point as well as break even trader.

Key daily levels:
1805-7
1790-95
1785
1770
1760-55

Negative below 1770 – If this level turns into resistance we can look to target the 1750 region and below that 1735-35

This is just our view, please do your own research to make an informed decision.

As always, trade safe.

KOG