KnightsofGold

XAUUSD 4H - Triangle break.

OANDA:XAUUSD   Gold Spot / U.S. Dollar
KOG Troops. Gold seems to be following our daily KOG report analysis that was published on Sunday. We were looking for the price to come down and find support. Looking at the 4h we can see we've broken out of the triangle so now we're at a really crucial price point for Gold .

Please have a look at our previous 4H analysis where we mentioned triangles and how they can give false signals. If this is the case, we should find support below and the price should bounce bullishly from the below levels. We have highlighted some key areas below, breaking the lower level can negate this analysis as it will force more bearish pressure on Gold to decline further into the lower support zones.

Due to the consolidation gold hasn't really allowed traders to get in on any move up or down and it seems like this will continue to be the case until the market reacts to the NFP release on Firday.

As always, trade safe.

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

Comments

Are you still looking to take the short at 1810?
+1 Reply
@SamTyson, 👍
+2 Reply
It could go back to 1776 but I can't see it going back to 1810
+2 Reply