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Gold has broken out of the consolidation as we expected. What we didn't get however is the pull back we wanted towards the 1770 levels to get a good entry for the long trade. Now we've also broken out of the daily trendline resistance we can expect there to be more bullish momentum tomorrow. Excalibur has been working well for us with most of the targets being hit. We have one above!!

Plan for tomorrow. We can see some support around the 1795 level and resistance around the 1810 level. We're looking for this to exhaust a little and hover around here on close. If it does we will test the short tomorrow but only look for the 1790-95 levels initially. If we find support at 1790-95 levels we'll then test the long trade again targeting higher pricing. This is based on what we're seeing at the moment. IF it changes we will update as usual.

We've been patient with Gold during August waiting for the right opportunity to short it. We still don't think we're there yet!

Please follow the levels on the charts. Next ke

We're going to narrow this down to the smaller timeframes and give you a better idea of what we're seeing. We'll share the plan tomorrow. Please use the above as reference. KOG

We were expecting Gold to come down towards the 1790-95 level which it has done. We saw this level as a potential level for a move back up, however, Jackson Hole starts tomorrow, so its likely Gold will range here for a while. There is a lower level just below here where we could see a small drop towards which is located around 1785-87. This level is key, the price needs to stay above this level to resume the bullish movement we're expecting.

We would rather this go up first so we can sell it as that wick from a few weeks ago needs to be filled.

The sell is the better trade but entering here would mean a huge stop loss. You would need to be able to stretch to 1830+ if it makes the move.

We've traded Gold long enough to know when to observe it and trade it very lightly, we would advise those following us to do the same.

Jackson Hole starts tomorrow so there is likely to be volatility across the markets for the 2 trading days to come, there will also be a conference on Saturday so if you're holding trades over the weekend make sure you have a stop loss and TP placed before market close. You've seen how it can open and move from the get go, so please protect yourselves.

We've added the 4H chart below. Here you can see the trend and the wedge that has formed. We're sitting at the bottom so a break here could entail more selling on Gold , we will need to observe this as the last thing we want to do is get stuck in a FBO.

Gold update. The 4H wedge has broken and this is the area where they will want to trap the FOMO sellers. If this is a FBO you don't want to get stuck in this pre-Jackson Hole.

1H - With main support and resistance levels plotted. Please use the levels, use the trends and structure.

This needs to break 1788 to the upside and close aggressively above it.

Reminder of what is to come. Please note, the symposium is also on Saturday so try to be out of trades or make sure you protect your trades before market close tomorrow. We've seen what happened a couple of weeks ago on Gold as soon as the market opened!

1788 is now support. If it holds we're going higher on Gold in the coming sessions.

The group is growing by the day. We would love to help many more traders with our analysis and trade ideas. You're all welcome to invite others to join the group, benefit from what is shared and trade together with us.

Invite link:
https://t.me/KnightsofGold

Find us on:

Instagram:
https://www.instagram.com/knights_of_gold/

Twitter:
https://twitter.com/KnightsOfGold2

We appreciated all your likes, follows and comments. Give us a follow, share the group and keep up to date with KOG.

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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.

Thank you to everyone who has sent messages, commented on, followed and liked our posts on social media. We really appreciate it. This group only works on the responses and comments we get, without that there is no point keeping it free. Once again, thank you to those who regularly like and comment on our work 🙏

Update:

We're going to take it easy tomorrow as its Friday, we have the Jackson Hole Symposium and we also have a bank holiday coming up. Please be careful with your trades, add the levels, add the trends and make sure you have a risk management strategy in place.

Thank you to those who have sent emails and messages in regard to membership. We are recruiting for September start, so if you're interested in joining KOGs Camelot Trading Room, please email us in the first instance on:

contactknightsofgold@gmail.com

P.S - This group will remain as it is, nothing changes, all the Gold analysis is shared for free and we're here to help new traders. Don't think we'll stop sharing here as you guys are what keep KOG going. In the members room we trade across other pairs including Gold.

Gold followed the path we chose to the upside missing the first two reaction levels and rejecting at the wedge trend line resistance. This is a good place to protect any short trades as the price still has the hurdle of 1793 to break below if we are to see some more selling pressure.

We have an indication that we could still see another push up to challenge that 1806-10 level at some point so its best to trade with caution.

Above 1793 - We can still resume the bullishness towards the 1806-10+ levels during the US session

Break below 1793 - Can open the doors to the lower levels we've highlighted

The good thing here is that gold is moving nicely giving traders time to make decisions and focus on the immediate levels.

Another day of Jackson Hole today to trade carefully.