Quick Tip:

Draw levels, draw lines, draw patterns and make sure you're always charting. Something will stick out and you'll notice how this works. You don't have to trade, most of us sat this out but its nice to see how the analysis plays out and when it does what you thought it would do. Our one request to all of you, the more you chart, the more you practice, the more you backtest, the more you'll see you can do this and become a successful trader.

Lots of news today that will move the markets. Especially on the other pairs

Gold support now stands at 1775-7 with resistance being 1785, 1790 and above that 1795-7

Right members, thats the first destination of 1795-97 thats been hit.

We have one above this at 1805-7 and then one above that at around 1810-14. We are expecting this to pullback at some point so now is not the place to get in long

We got a point to point move again based on KOG levels but we have to be really careful here. There will be a lot of bulls trading the breakout and trying to catch the seasonal move.

Please refer to the KOG report for more detail

P.S - Don't be in a rush to short this

Range update: We're above mid-range now and have broken above the previous highs. We want to see if the 1790-85 level now turns to support. 1797 is a strong level or resistance, so if it targets it and gets there we will see a reaction.

Trade safe members

Quick update from us

Something to look out for. This daily candle is closing without hardly any wick. Likely we're going to see more upside

Gold - We've hit all of our targets above on Gold now and we're in the top of the range. We would suggest and selling be small at the moment as we would want to see how the price reacts up here.

You can see from yesterdays chart that there is a chance of invalidation if the price breaks and closes above this region. If we get a strong close there's a chance we may test the 1830-35 level again. That level is crucial for the structure to remain bearish and for us to change our stance on this. At the moment we are now out of long positions

This shows the Excalibur targets we have been following. You can see we now have to long term targets active, the one above and the one below. Price is near enough sitting in the middle. This chart is really important as it shows what can happen when this decides to move. We have a high hit rate with Excalibur so trade it with confidence. Don't think you won't catch the movement, its a long way up and a long way down. We'll start by monitoring price action up here and the key resistance levels above.

The chart above doesn't mean it will go straight into those targets, they're long term targets so can take many months to achieve.

P.S - If you're going to test the shorts from this region make sure you use a sensible lot size and have a stop loss in place. The stop needs to be above the range, the market knows we're using ranges, where we're likely to sell and where we'll put our stop losses, so expect a spike up as anyone selling here will be putting SLs in a similar place. The only way around this is to reduce your lot size to enable you to manage the position.

If you're in on the short make sure to protect your trades, take some partials etc.