Highlights so far from Fed Chair Jerome Powell's press conference

• Some of the very worst economic outcomes have been avoided thanks to policy actions
• No one should be complacent
• We will continue to provide support for as long as needed
• Monetary policy will provide significant support until the recovery is complete
• Vaccines offer hope of more-normal conditions later this year
• Housing sector has more-than recovered, business investment has also picked up
• Recovery has progressed more quickly than generally expected
• Notes that forecasts have been revised up notably
• Says unemployment rate understates progress in the economy

Lets wait for the next candle. We're looking for it to wick out here and we'll test the short with a small lot

No rejection. Volume is strong. We'll wait

Welcome to all the new members of the group. Please go through the messages here for the weeks analysis and our views on the market.

We're done for the day. Long day which included a power cut just before FOMC so everyone was running off their phones. We're not ready to short this yet, please refer to the previous analysis where we said we were looking for higher pricing in Gold. We got our 1740 again. Excalibur is suggesting the 1760-77 level but it's not confirmed yet. Something we're going to keep an eye on and a potential target as well as an opportunity to catch this down. For now we wish everyone a good evening, see you tomorrow.

Knights of Gold.

Daily:

Gold hit our level of 1740 and 1753 as mentioned lastnight. The chart shows the trend on the daily, you can see we've rebounded from the trendline. Although trend lines can be a bit hit and miss they seem to be working well recently. Our level below to watch out for is 1731, breaking that we should see more bearish pressure on gold.

Excalibur has given us an indication that the price can go higher, we're monitoring this over the day. The level higher we're looking for is 1757 and 1770. We want to see some exhaustion on the hourly before we decide what to do, this also depends on the mentioned levels acting as strong support.

Todays plan:

We're thinking this still has room to go higher one more time before a larger drop breaking the 1700 level. We're looking at the following levels:

Support:
1731
1729
1723

Resistance:
1741
1746
1757
1775

The H&S pattern is near enough complete so the price should start showing signs of exhaustion around the support levels. We want to test the long at some point today which we will share with you once we see signs of a reversal.

This is what we're looking at on the hourly. We want to slowly scale in to this trade with small lots and strict stops. If it breaks 1723-1717 its going further down!!

If you follow please ensure you're sensible with your lot sizes and do so at your own risk.

Moving stop to entry on this, expecting a potential spike down towards 1724

First target is around 1735 where we'll take 50% off the trade. Let the rest run with stop at entry. Manage the trade how you wish, just sharing what we're doing

Change of plan. We're going to take 50% here to lock in profits and make it a free trade

💥 first target reached. Taking another 25% profit here so thats a total of 75% off the table. Moving the stop up to 1727.

We're done for the day. Hope you've had a successful trading day. We've banked 75% of this trade now and set the stop to 1727 so the trade is risk free and if it hits the stop we'll still close in good profits. Well done if you followed, see you tomorrow.

Knights of Gold

We're sticking with this at the moment. Still running 25% of our initial entry below.

This is the entry from yesterday which we're still holding. We've moved the stop up to 1727 so the remaining 25% of the trade will close in profit if it hits. We're looking for support around the 1732-33 level

Expecting more volatile movement during the day

We're done for the week. Our long trade is still running as above. Hope you all have a good weekend, We're back on Sunday for the week ahead analysis.

Last week we suggested a level of 1760-65 is our area of interest. This week we will remain with a short-term bullish outlook as long as the price stays above 1735-40.
We can see we’re retesting the breakout of the trendline which runs from May 2019. We have a higher zone of 1790-95 on this chart which could be a possible target and also a turning point.
We’re at a strong resistance level here so opening and the first part of the week should be interesting.

Support:

1735
1720
1708-3

Resistance:

1750
1775-77
1790-95

Looks pretty bullish short-term. We want to see this challenge the 1745-50 area and see what sort of reaction we get. Based on the weekly we could support around 1740-35 and then break up towards 1760-65 as the first target and then 1775 or there abouts for the second target.
We will keep this in mind when the market opens and look for clues on the hourly as to which way we think it will go first.

If we’re correlating with DXY then we should see some bullish movement through the day.

Support:

1740
1735
1726
Resistance:

1750
1762
1767
1775


These are just our views, please use this analysis as such. As always, trade safe.

KOG REPORT:

We're going to see how this opens later and what the hourly suggests to us. At the moment, we're remaining bullish on this until we see clues its going to turn. We can't see 1800 happening just yet but can see this getting close. We'll keep the positions we have opened below and maybe even add on Monday if we get strong support.

See you tomorrow.

Merlin.