Sitting neutral at the moment, waiting for one of the levels to break. Simple chart today, pretty self explanatory.

No positions in Gold at the moment, we're still bears in this market expecting decline at some point. Something tells me there's a spike up towards 1865-85 on the cards. That's the level we're waiting for to test the short.

We can tell gold is going to breakout. If you remember our accumulation chart from a couple of weeks ago, price is doing the same thing. Getting buyers in, stopping them out, getting sellers in and stopping them out.

Tip: In scenarios like this it's about quick captures, 5-15pips and exit the trade. Use the levels we provide on the charts. Until the markets picks it's direction at least.

Gold broke out as we anticipated and closed below the key level of 1830. 1821 support and 1830 resistance are levels to look out for now. On market open, if we get a retest of 1821/22 and it supports we'll take a small long with tight stoploss and target the 1830 level. The plan here is to enter the long, once it's in profit and above 1825 set the stop to just above entry. We want to see if it resists at 1830 or breaks back up above it. If it breaks up we'll let that trade run towards 1850-65.

On the flip side, now that we've closed below 1830 we could get the move down we've been looking for. Next support is 1810, 1800 and then 1793. Our overall target of 1750 still stands, we just didn't get the entry we wanted.

Number 1 top XAUUSD authors on TradingView. Thank you everyone for your support.

Lets see if we can finish the pattern off. Looking for this to resist around the 1826-30 level and then sell again during the US session.

If this hits 1810 before going up then we won't enter this time. We'll look for another trade

Lets not get sucked into this move. If we get the entry above we'll take it. If it hits below and we miss it then so be it.

Taking 50% and setting the stop to just below entry

We don't really want to hold this over the weekend. The move happened very late in the day

This is why we said wait for the entry. If we had taken the entry on the bearish candles below we would have hit stop loss. At least we got the perfect entry and everyone who followed should be in profit

We're done for the week. We've given details on the trade. Hope everyone had a successful week and hopefully learnt something new.

Wishing everyone a great weekend. See you on Sunday for market open.

Knights of Gold

Monthly:

Please also refer to our previous monthly chart from last week.

So far we’re being supported at the 2011 and 2012 resistance levels. We’ve broken out of our pattern similar to the one we saw during the last big move up in Gold during 2009/11.

Looking at the chart closely we can see that last weeks candle closed below a key closing price of 1834/5 which during 2011 was a turning point for Gold . We would ideally want the monthly to close below this level for confirmation on this timeframe of a move lower down.

We’re looking at this chart for a retest of resistance at the 1835 level as there is likely to be a reaction here. Breaking and closing above consecutively will most likely open up higher prices for the short-term.

If we’re following similar price action to 2011 you can see we bounced around this time in its move and went up to challenge the high. This is something to keep in mind!

This is the bigger picture, lets look further into the smaller timeframes.

Weekly:

Again the 1780-85 level seems to stick out. Clear, clean trend and technical levels are being respected.
On this chart we have closed below a key level so if we are going down over the next few weeks it needs to be a sharp quick move up and back down.

We’re looking for resistance at 1835 to test the shorts again. We could get a bit of a squeeze on sellers so look for the levels below.

Resistance:

1824-35
1850-53
1896-1900

Support:
1801
1765-75
1725-35

Daily:

Following the technical levels. There is a clean chart pattern here and a candle reversal. This chart is suggesting we’re going to go further down as long as the 1828-35 level continues to act as resistance.

Resistance:
1828
1835
1850

Support:
1815
1808
1794

We are day traders so these levels are for reference only.

As always, trade safe.

4H:

Now we’re starting to get a clearer picture.

There’s a zone above that looks like it hold liquidity. It wouldn’t surprice us if we get a move up towards this level to get some buyers in before a move lower. We’re still playing short on this. We have an entry that is in profit and safe which we’re thinking we’ll close on open based on a small move upwards over Monday.

Our immediate target is 1810 so we’re looking for another entry to target this level. A bounce there and we’ll take a long for the liquidity box up towards 1845-55.

Resistance: 1830

Support: 1810

1H:

Again, just like the 4H chart suggest, it looks like we’re going up over the course of Monday based on successful support below.

There will be a lot of buyers in the market with stop around 1810 levels, so a spike down and then maybe a move up over the day.

Only reference and observation, not trading signals.

As always, trade safe.

The trade we took on Friday. We've protected it but its very likely that it will hit the stop in overall profit. If the price goes up like we're expecting over monday then we'll look to enter short again.

Based on a good support level on market open or over the course of the day tomorrow, we'll look to take the long trade up towards that 1835 level

Hope you've all had a good weekend. See you tomorrow.