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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.

Please do give us a like and follow 🙏

Its very brief today as not much has changed from last weeks analyses. As usual we'll wait for the market to open and Excalibur to give us an indication of whats to come.

See you all tomorrow. KOG

XAUUSD Update:

Didn't reach the higher levels we wanted but its followed the path and come down towards the support 1795-98. Excalibur indicated the move earlier but we missed it along with KOG members. We ideally want to see this level break forcefully or its very likely it will hold.

Don't forget its FOMC on Wednesday.

We're taking it easy on Gold during the first half of this week as we don't' want traders to get caught in this up and down chop that we're seeing. Its also FOMC tomorrow so expect some more of this until the market makes its move during and after the release.

We have two scenarios on Gold .

Scenario 1:

If the price comes down to find support around the 1790 level we want to test the long trade towards the 1808-10 levels then potentially look to short it again for lower pricing

Scenario 2:

If the price goes up towards the 1808-10 levels we want to short the market for the lower levels, first 1790 and below that 1775.

If you're trading we would suggest you trade smaller lots than you usually would so the market doesn't make you uncomfortable if it goes against you. Always use a stop loss and have a risk management strategy in place before you place the trade. We've been sitting in this consolidation for a while now so its only a matter of time before this range is broken out of.

Its done the down, the up and now the down. We won't be buying if it goes to 1790 this time. If we miss a trade we miss it but its not worth taking the risk.

FOMC today. Please trade safely. We'll be back later today with our usual FOMC analyses and trade idea.

Gold! This is our plan for FOMC and what we're looking for. We would ideally like to see the price go up first towards the 1810-14 levels and find resistance. At this price point we would like to test the short trade for lower down towards 1790 and potentially lower.

IF however, Gold moves down first its likely it will find support around the 1790-85 level and then come back up. We're not interested in the long trade rather the short if we get it.

This analyses is only applicable for FOMC.

Its recommended that if you have less than 6 months trading experience you don't get involved in trading releases like this. If you do trade, its advisable to trade a smaller lot than you usually would and make sure you have a risk strategy in place.

As always, trade safe.

KOG