We've entered a small lot here. Stick to the STOP LOSS if you follow. If this closes below the level it will leave buyers hanging and go lower. SMALL LOTS, STICK TO SL if you follow

SL HIT. We're out. We said we'll take one shot at it and it didn't work out. We'll wait for Excalibur to give us confirmation tomorrow.

Thankfully we took that SL where it was. Insane drop on Gold.

KOG Weekly Chart:

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.

We're going to share the 4H chart which shows the break of trend and what could possibly be the start of a new short term bearish trend on Gold which could lead us to the lower KOG targets first before turning back up.

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

Our plan for today:

We took a stop loss on the long trade we took last night with a small loss. Now we're going to wait for Excalibur to give us a clear indication of which way the market wants to move short term. A level of 1820 has been identified but we would rather wait for a strong support to form around here. Because of that level of 1794 its possible the US session will push the price lower before correcting some of the move from yesterday. Right now we're sitting neutral and will share our trade just before the US session starts

KOG Update:

1H –

After the FOMC move down breaking 1800 we can now see the formation of a double bottom on the hourly. Excalibur is suggesting the move down for this week at least is over with. It hasn’t left us any sell signals apart from the previous ones below at 1720 and 1647. We have to keep in mind we also have the targets above at 1908 and 1917 so for this reason we’re going to trade intraday until we get confirmation of a new trend and direction short-term. Right now we’re looking for support to form back at the 1785 level which needs to hold. We have an indication of a move further up towards the 1802-5 levels which could happen during the US session. Technically this should correct some of the FOMC movement so a 1800 challenge seems feasible.

Levels are on the chart so please add these intraday levels along with the Daily levels we’re going to publish next.

In scenarios like this where the price action looks uncertain its best to trade it level to level and have a strict stop loss policy in place. Excalibur gave us a long signal which has now hit its target, we do know that after an Excalibur target is hit it usually pulls back a bit so keep an eye on that support level below. If 1802-5 acts as resistance today then its likely this will come back down to test the low and potentially open up the lower levels of 1750 and then the KOG target of 1720. For now we’ll take longs for the retracement and short capture, however, we shall remain short on this unless it breaks 1830 and holds above it. Its Friday so try not to enter any trades after the US session unless the setup is there, which we will share with you if it arises. Don’t get stuck in trades over the weekend, we want to see how this weekly candle closes today and ideally start Fresh on Monday.

Daily Support and Resistance for your charts. Add these together with the Hourly levels just posted.

https://uk.tradingview.com/chart/XAUUSD/H1qa1AoR-XAUUSD-KOG-Report-Daily/

KOG Report has been published on TradingView. Please do give us a like 🙏

This is the hourly on Gold and what could be a potential channel. Its broken the double bottom so there is a possibility for this to go down a little further during the early session. Its too late now to sell down here so our plan will be to let it find support and we'll target the higher level of 1790-95 in the short-term for retracement. At that level we'll look for an opportunity to short it again. This all depends on how this opens and how the early session price action is so lets see what it looks like in the morning.

Wishing everyone a successful trading week ahead. See you tomorrow.

KOG

Disclaimer: We'll be posting this regularly on the group. Please remember we are not a signal service. All trade ideas and analysis shared are only our view on the markets.

XAUUSD - 1H

Facing a bit of resistance here around the 1785 level. Make sure to protect any longs you have from below if you're targeting 1790-95. We would expect a bit of a pullback around here, support shown at 1778-76

19:00 GMT

XAUUSD - Facing resistance at the above level. All MA's are starting to converge again and the price is consolidating in a tight range. Our advice to anyone trading is to trade small lots. It seems another big move is on the horizon and as we know with gold it likes to shake out traders. We would expect there to be spikes both up and down in order to trigger orders and stops. 1795 is key here as breaking that up will force the price higher towards the 1810-15 level

We're quiet on here as we're not really taking any trades, we're more observers in this market condition as we've seen this many times, it will get traders in with large lots both ways then make the move.

We'll be back for the US session

Approaching our level 1795

We're not selling here

This was published on TradingView and to the members group. We''re looking a bit higher. Apologies someone didn't post it here yesterday.

If you got 1795 from the Daily analysis well done members. Nice Gold trade to be in