Yesterday we said Gold looked like it wanted higher and to look for the lower support regions to hold to take this up, we also said it would be likely that the price will find a range between the higher resistance and lower support. We also shared this morning the levels to look for and for price to remain above as that 1755 level was sticking out to us, as you can see the move is now complete.
We have indications of higher pricing before a potential drop, however, with Jackson Hole on Friday its not un-common for there to be a liquidity swing which will trap traders in the wrong direction. Longing the market up here in key level short squeeze regions isn't a great idea, we would suggest waiting for lower support level to hold up if you are going to go long, or wait for the level to break and then turn into support. Until it breaks, its should come down into the 1745 and below that 1740 regions.
We have indications of higher pricing before a potential drop, however, with Jackson Hole on Friday its not un-common for there to be a liquidity swing which will trap traders in the wrong direction. Longing the market up here in key level short squeeze regions isn't a great idea, we would suggest waiting for lower support level to hold up if you are going to go long, or wait for the level to break and then turn into support. Until it breaks, its should come down into the 1745 and below that 1740 regions.
The levels are holding up well and you can see the MA's are now starting to group together, which is common pre-event. The range may get tighter tomorrow unless there is a pre-event break so please trade on the defence! Jackson Hole Symposium is known to move the markets aggressively from extreme level to extreme level, its really not worth getting stuck in!
New traders - Reduce your lot sizes or don't trade, take the day off! As we've always said here, cash is also a position in the markets.
New traders - Reduce your lot sizes or don't trade, take the day off! As we've always said here, cash is also a position in the markets.
Tomorrow, we'll do the same. We'll share the Camelot scalping levels along side the morning review. Please do hit like on the TradingView ideas. As always, trade safe. KOG
We wanted to show traders the effects of such events. Please have a good read, its not our usual analysis, we'll do another report tomorrow, however, this will give you an example of what to expect on Gold in the days ahead. Please do support the channel by hitting the like button 🙏
Please hit like on both our posts today, we would really appreciate it 🙏
Today in Camelot so far:
BTC ✅
GOLD ✅
SILVER ✅
AUDUSD ✅
EURCHF ✅
NAS100 ✅
EURGBP ✅
USDCHF ✅
💥💥💥💥💥💥💥💥💥
BTC ✅
GOLD ✅
SILVER ✅
AUDUSD ✅
EURCHF ✅
NAS100 ✅
EURGBP ✅
USDCHF ✅
💥💥💥💥💥💥💥💥💥