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.

We're getting ready to sell Gold....Looking for a nice push up towards 1844-47. Because of the RR it has to be a small lot to start with

If it breaks up its going to open up 1880+ so we need to be careful....Hence the small lot

Levels of resistance:

1845
18555-57
1860-68
1880-85

Scenario 1:

Scenario 2:

We have to switch off a little early today but will try to monitor it as much as possible.

The higher prices are open, ideally we want this to go up and then come down towards our lower targets around 1805.

If this goes down first, then look for support as its likely its getting the FOMO sellers in and then will do the move upwards before coming down.

Both scenarios are on the hourly timeframe.

Everyone please also add 200MA to your daily charts. You should be running separate charts for the 3 main timeframes, 1H/4H/Daily.

Also....Quick reminder:

If you are trading anything less than $1000 your lot size should be minimal on Gold. 0.01/0.02 with a max of 0.05 if you have experience in the markets. Traders lose because they don't use the correct lot sizes for their accounts and don't use the appropriate risk to reward. Holding losing trades will blow accounts guaranteed. Lets be the 10% that make it and not the 90% of retail that fail

We'll be back later with the rest.

Disclaimer: We'll be posting this regularly on the group. Please remember we are not a signal service. All trade ideas and analysis shared are only our view on the markets.

Approaching weekly supply area at around 1850. This looks very likely at the moment especially with the two bullish weekly candles. This is an important week, for this to go down anytime soon we don’t want to see another bullish weekly candle. This to us suggest that Gold can potentially make a big move at some point over the next few days.

What we’re looking for is support below at the 1828-35 levels on the weekly and then the momentum to break up above 1850 to target the levels of approximately 1860-65 before the potential for a decline.

Our Key Levels:

1850 (psychological level)
1865-70 (Liquidity grab)
1880 (breaking and closing above this level will void our bearish view)
1900 (We all know what this means)

Support:

1835
1821
1813
1782

Resistance:

1850
1860
1868-75
1888-90

As always, trade safe. Please do your own due dilligence, not trading advice.

Daily - XAUUSD:

Whats interesting here is Excalibur hasn't given us any long signals left for the week ahead. We want to look out for 1852-55 which is sticking out to us on the daily.

Excalibur Targets:

We have some left over Excalibur targets from the last 2-3wks. We'll share the charts, please keep these in mind when trading.

THESE ARE NOT SIGNALS

AUDCHF 4H:

This came down to the lower support level and bounced bullishly. Ideally a retest and fail leading to a break of upper resistance level.

Excalibur target still active.

EURJPY 4H:

Its left 2 Excalibur targets below. We'll look into this in more detail over the week.

XAGUSD 4H:

PALLADIUM 4H:

We'll look at this one early in the week as well, see if we can get a good entry for a long.

Thats all folks. Enjoy the rest of your weekend.

See you tomorrow. KOG