Not a great day for Gold today in terms of movement. Choppy price action, up and down within a small range. We can see that its getting ready to make a move and will most likely do so in the coming sessions.

We're still bearish on this, you can see the chart we posted yesterday and how its still below the resistance level . It did what we anticipated in our KOG report, went down first and then came up to hit the resistance and rejected. We can see its holding here but we need to wait for the close. It doesn't look like it will move much more for the remainder of the session so tomorrow is important.

We want to see this close below the 1795 level on the daily today. Tomorrow we may see Gold come down to challenge the support and up to challenge resistance levels until the news release at 13:30GMT where we will probably see more whipsaw price action to get traders stuck before it makes its move.

We have this level here where we would ideally want to scale in short, however, we also have that higher level of 1804-8 which we're looking at closely. This level we feel would represent a good opportunity to short again towards the lower levels.

We'll be back tomorrow before the US session with our trade plan and idea.

As always, trade safe.

KOG

5mins until CPi release. Please trade carefully, there will be a lot of volatility in the markets. Especially across USD pairs.

Gold at present. We've bounced from the support level where gold failed to break. Its now trying to break a minor resistance level around here. If it breaks and closes above it is likely it will go to test the recent highs around 1830-35 as we've shown on the chart. Rejection here and 1795-79 is now support.

GOLD:

Resistance: 1810, break above and we have 1814, 1820, 1830 and 1835

Support: 1797-5, break below and we have 1785, 1780, 1772

XAUUSD - Please be careful there is a double bottom on the 4H TF. If this plays out then completion is around 1830. 1806-8 again is an important level, a break and close above there then 1820, above that 1830-35. Needs to close below the neckline to invalidate the pattern.

Keep the daily chart in mind. The smaller TFs are for short term direction. We'll stick with the long term direction unless this breaks above and closes

Trade safe members. See you tomorrow. KOG

Retest of the channel breakout and its bounced. However, not an aggressive bounce so be careful

Support stands here and resistance at 1792-95

Daily close around here and the neckline is broken to the downside

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