Good start to the week, we stayed up for the open, got the higher, then the low for the bounce. We had a slight extension to the move but it's working well at the moment defended by the red box below. We have the key level now which is the red box bias 5195 that will need to break to go higher and the bias level red box 5165 which will need to break to go lower.

20MA is sitting way down, currently un-visited for the day with the first hurdle 5175 which is where you can see price attacking at the moment. Risk on longs at the moment with a potential swing high in formation.

Support 5065 held with a break above the bias level, nice bounce from the hot spots which we shorted into giving the long for the bulls. First 2 targets completed here

Beautiful

https://www.tradingview.com/chart/XAUUSD/qeBDKhY9-THE-KOG-REPORT-Update/

Playing that range well but we don't want to get stuck high!

STILL IN RANGE:

The market is suggesting a potential dip in the near future, making support levels crucial for bulls to protect. The first level of support is around 5160-5155, which is likely to be tested unless we see a bounce from the current levels. However, there is an extension level of support at 5140-5130, and if reached, could trigger a more significant rebound.

On the resistance side, the key level stands at 5196, with the bias currently at 5204. A break above 5196 could pave the way for a move towards the 5250-5270 range. However, it's important to note that if the market flushes today, the focus may shift to the 4990-5110 levels.

Overall, the market is showing signs of more volatility, and traders should be mindful of the key support and resistance levels to navigate the current market conditions.

TIP:

Always remember, unless you have large accounts or you're trading micro lots, you're not going to be able to swing trade gold, they simply won't let you hold the trades without going into drawdowns. For us intra-day traders, we need the right levels and set ups to take money from the markets, we can't swing, scalp and intra-day at the same time. All 3 strategies require different risk models and different market conditions