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.

This is the Weekly we have been updating as we go along. Shows the potential moves we were looking at for this week. Lets trade safe now, its Friday as well and we don't want anyone to get stuck in risky positions over the weekend. We'll look for support below, if we're happy we may take the long trade for a quick capture. We're still short on this, only taking longs for short trades.

Yesterdays hourly chart. We came to support perfectly and bounced with bullish momentum. Now rejecting at resistance, you can see the key level support on the chart. Excalibur had given us a 1845 target on the 11th of May, however, the trade was too risky as we saw with the reversal. Unfortunately yesterday we weren't on our screens and it looks like support would have been an ideal buy.