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.

As we said in our Daily KOG report, we were expecting the price to come down first in the early sessions on Gold . We can see potentially some more movement down but we would like to test the long trade from just below.

The SL needs to in place as breaking below the 1790 level will push the price to face further declines.

BOOM GOLD. We're taking 70% here and protecting the trade

130pips from entry. Taking another 10%. Thats 80% altogether and stop to entry. Let it do what it wants

Gold is still within the range and it looks like its not ready to break yet. We can see on higher timeframes there aren't many clues as to which direction the price will choose short-term.

We can see a range of 1795-1825-30 so we would envisage this potentially touching that higher price region at some point and then potentially rebounding to come down to test the 1795 zone again.

We have 2 scenarios for the coming sessions:

Scenario 1:

The price pushes up towards the 1825 level and is resisted, we then see a bearish move back down to test the lower levels again.

Scenario 2:

Gold finally manages to break the 1830 level and the next stop is 1850.

While we stay below the 1830 level we will continue to stay bearish on Gold and trade it how we see it. We've taken longs and shorts which are working well for us but something tells us there is another bearish move on its way.

We'll update as we go along and share any trade ideas when we've identified them.

We're still facing very choppy price action on Gold awaiting a possible breakout of this short-term range. Yesterday we were looking for the 1820-25 level for a rejection, which we achieved. The target area for yesterdays move is still around 1795 so we will stick with our plan unless anything changes.

Today, ideally we would like this to retrace a little up towards the 1810ish level and face resistance. If this happens its likely we will see a similar move to yesterday, this time potentially breaking 1800.

We wouldn't expect a mid-week flush so the lower levels could be good opportunities to take some long positions, as long as support levels hold.

We can see some difficult trading session ahead for traders on most of the markets so it would be a good idea to pick your trades carefully and only trade the best of setups until markets settle.

As always, trade safe.

KOG

We're not entering any positions as the price is right in the middle of both target areas. So our plan for today is either to look for resistance above and short, or look for support below and test the long.

There is a key level of 1790 which needs to hold for this to come back up. If we break this level on Gold its likely we'll see further pressure to the downside.

Breaking 1815 and we're going up towards the 1830s.

Well done to those who followed and caught the move. Always make sure you protect your trades and take partial profits.

We'll be back tomorrow with our analysis and trade ideas.

KOG

GOLD! Right, we're at a crucial point in Gold at the moment. You can see how many times this support has been tested, the more its tested the weaker its becoming. So today we're going to play with caution, there are two scenarios here and both are feasible.

Scenario 1:

We retrace from here back towards the 1801-4 levels and the price finds resistance there, that will give it enough of a pullback to come back down and break that support level opening up the lower price levels of 1785-1770.

Scenario 2:

We are in a very small trend on the hourly and the price is playing at the bottom. The price can be support here again and push up towards the 1814 levels.

Its a difficult place to place trades, however, we would suggest if you do to use a strict stop loss. We're still bearish on Gold so will trade it both up and down with the bias being towards the lower levels.