Keep an eye on the charts posted. All the levels are there. The short from yesterday was a good idea, unfortunately it didn't work out for us. Excalibur has given no buy signals above, all the targets are below. What we're following is all KOG technical levels and price action on Gold. We want to see this find support and for Excalibur to confirm the direction short-term. We're not really interested in longs unless they're for quick captures, we want to get that sweet spot to short this for KOG targets below.

Reminder of the KOG targets.

Support is forming at around 1825-28 levels. Resistance 1835-40. We've seen it bounce twice now from the support level and a few times from the resistance level above. Its still within the range for this week and we're waiting for a breakout. The spike down yesterday could have been a bit of a bear trap to get some sellers in.

We have two levels here to look out for, 1835 and 1845. If we see strong resistance at these levels we may test a small short towards the 1808-12 levels. The stop will need to be tight as breaking above 1845 will lead the price to target the higher levels of 1850-55 and then 1860-65.

Whether you're in long or short on this make sure you're using a stop loss and stick to it!

Our plan here is to stay out of long positions for now. Rather we're looking for resistance levels mentioned above to test short entries with strict stop losses in place. We're forming a pattern on the smaller timeframes which could give us an idea of where this may go first. We'll keep you updated.

https://uk.tradingview.com/chart/XAUUSD/db31vIoA-XAUUSD-1H-Levels-and-plan/

Its very similar to what we've already published here. If you get a chance, please give us a like and share.

GMT

If Gold is going to spike up it should only be around 1845

USOIL -

If you're in that oil trade its approaching its target.

AUDCAD - Update:

If it breaks this level we'll cut this trade. Rather wait for the markets to settle and then try to get back in

Reminder. We're only shorting this, not taking any longs.

Shorting to our support levels mentioned in previous posts. Key level being 1808-12

Trade Complete 💥

We're done for the day. We may not be around much tomorrow but will be here for the morning session. As usual we'll share our analyse and trade ideas. 1825-28 is an important level here, we want the price to close below this level today. As always, trade safe.

That's close enough for us. Any shorts are being reduced here

This is a very important level, just before closing they've dropped, we'd rather not wait for any lower. What we want to see now is a retracement and how the price attacks 1825-28 (if it gets there). The levels change with the chart so key levels will change too. A lot of buyers were targeting 200MA on the daily and the market knew that. That 1848-52 level is still very possible, but we have to assess it in the morning

XAUUSD:

Our plan for today. We're already holding a short from above which we have now reduced exposure on. What we would ideally like to see here is some retracement back up to test the 1825-30 levels and look at what kind of reaction we get there. Breaking that level back up should entail the price attempting to go back towards the 1845-50 level and potentially breaking it for higher pricing this time. On the chart you can see there is a clear run if we break the immediate support of 1813/12 all the way down to 1795 which would be the next target for Gold.

Our view is still short on this so we will be adding another short position with a tight stop if we get back up towards the 1825-30 level and face resistance targeting 1795.

We're not around this afternoon. We already have shorts running....Next level above for us is 1828. We've set a pending there for a sell. Breaks 1835 and closes above it will trigger our stop loss

Taking 50% off the table here

Just under 60pip profit

We came out of 50% around the 1813 level yesterday and left the rest to run, the stop was at 1835 which has been hit. We did the same with our trade at 1839 and have set the stop to entry.

The level to watch for support now its the 1828-30 area. Support there should take the price higher with the first destination being 1845. This also lines up nicely with the 200MA on the daily. If Gold finds support here its likely we will resume with the move up towards our higher levels.