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.

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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.

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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.

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Its bank holiday in the UK tomorrow so there may be low volume until the US session.

The hourly is looking bullish , there is what could potentially be a bulll flag which has broken to to the upside which suggests to us to take shorts with caution. We can see support below at around the 1807-05 level again but gold needs to break this level to go down further.

The key level is 1795 support, which was previous resistance, now support again. You can see we're resisting at the break out and the price is trying to challenge that 1820 level again. This level needs to break for it to go higher!

Support:

1807
1802

Resistance:

1820
1830

We would expect slight volatility today as its the monthly close, its also NFP on Friday so the market may make a move and then settle for the rest of the week, please trade today with caution.

Perfect backtest of support and bounce. Now look for resistance above. If you got in long, protect your trades, although its bullish we feel the upside is limited. We shall remain bearish on Gold unless this breaks and holds above 1820. Trade safe

Don't forget its end of month so there will be profit taking. Also NFP on Friday....Lets be prepared