Daily:

Right members. We need to break above 1812 and hold for this to go higher. We're approaching our levels above where we want to short this. Lets keep an eye on the charts and the levels. We're not taking any more long trades up here. We'll share as soon as we identify the structure

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XAUUSD - Update:

We're still holding a small long from below. We've taken most of the profit out of the trade and left the stop to entry. If it goes higher we'll still have a small position in play. We're now looking for a good opportunity to take a short as per our analysis during the last week or so. We'll share the chart as soon as we identify the short

We're going to test the first short around here with a stop in place. We're only using a small lot as we still have the long running to cover us from below. Its a risky trade as momentum is strong but it was part of our plan to short here.

Taking some partials here and stop to entry

Protect your trade members. Like we said, we've take partial profits and moved the stop to entry. Now we don't need to worry

Nice 60pip short. A remainder of the Long is still running with the stop to entry

All done for the day. See you tomorrow

We've had a good week on Gold this week, what we don't want to do now it tempt fate and give back what we've taken pips. This week we've sold it down, bought it up and then sold it again yesterday. Today is a day we will monitor the price action and if we are to take any positions they will be very small lots. As long as the price stays below the 1850-60 level we will remain with our bearish outlook on Gold .

We have two scenarios today for potential movement in gold:

Scenario 1:

If this pulls back towards the 1820-25 level first then its most likely we're looking at the price moving upwards towards the 1840-45+ levels first.

Scenario 2:

If this goes up first towards the 1840-45 levels then its likely it will find some resistance around that level and then pullback in the later in the US session

So far this week every release has has an impact on the markets, so expect the same.

If that ideal short opportunity presents itself we will share it with you all.

If you're following us we're still running that long position from below with a majority of the trade taken in profits. We've left a runner with open TP and the stop moved to entry. The short we took yesterday closed at break even after we again took profits at 60pips on it. One position running at the moment which is the long. As long as this stays below the 1850-60 level we will remain bearish on it. Breaking and closing above the said level, we will re-evaluate and trade it as we see it.

DXY -

This was our DXY analysis from the weekend. You can see on the chart its completed the move up as we suggested. What we're looking for here is if this breaks down or bounces back up. Our KOG targets are active so when it moves it will really move.

Remember, as we've said here before. There is nothing to stop Gold and the DXY moving in the same direction. We can see something is happening in the background so expect some big moves to come in the following days and weeks.

XAUUSD Update:

So its looks like scenario 1 was on the cards. We're waiting to see where Gold closes today but it looks likely we're heading towards higher levels tomorrow initially. Our bias is still short on this so we're looking a little bit higher test a short again. We'll be back tomorrow with our Gold update and trade idea.

https://uk.tradingview.com/chart/XAUUSD/ZhoDhjmr-XAUUSD-KOG-REPORT/

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Knights of Gold (Gold/FOREX Analysis/Trade ideas)
We trade level to level. Follow at your own risk. Always use a sensible stop loss. Strictly for educational purposes, not trading advice. We are showing you what we analyse and how we trade the markets.