Modified. If you're still in it, maybe take 50% profits here and set the stop to just above entry. That way you'll take some profit now and the trade will close in profit if we go back down

That's us done for the week. We only took 3 trades this week, all profitable with minimal drawdown and low risk. We were waiting for the market to exhaust, took our entries and came out before the market could trap us.

Hope everyone benefited. If you didn't, don't worry. The market operates 23hrs a day and there are many trades to come.

Enjoy your weekend everyone, see you on Sunday night for market open.

As always, trade safe.

Knights of Gold

Good Evening.

Just in case you missed it on TradingView.

Snapshot of last weeks chart shared here, updated with what we feel the coming week may have in store.

We're looking for support at around 1855-50 and maybe a push up over the course of the week. The resistance levels of 1868-70 could be the first potential target, breaking this level we're likely headed towards 1890-1900.

We were short last week apart from Friday where we took a long trade based on successful support. We suggested to close the trade before market closing or to take 50% and set the stop to just above entry.

I'm not taking anymore Long trades from this level, rather looking to short again from strong resistance zones. We're still looking at our lower levels of 1750 as a short target, just waiting patiently for the right opportunity.
We don't Gold is ready yet, maybe another short squeeze is on the cards as well as a bull trap before a bigger drop.

Short-term levels...

Support:
1855
1851
1844

Resistance:
1860
1869
1890-94

The 15min chart paints the picture a little clearer. We're staying out of long trades for now but if you're considering going long the levels on the chart could be ideal entries.

We have a very small double bottom which formed on Friday and could get tested tomorrow at some point. I wouldn't really call where we are right now a H&S , but if it is a messy one then the double bottom test is very likley.

We'll be back tomorrow morning, hopefully with a trade idea. Wishing everyone a successful week ahead. Trade safe

The chart we shared yesterday showed the potential move that was possible today. The level of 1869 was just missed, however, as we said in yesterdays message we are not taking any LONG trades at this level.

We're still looking to short this although we missed an opportunity earlier. Gold is shaking retail traders about and we're expecting more volatility over the coming periods.

Please trade safely and use a proper stop loss!

We want to see how the market reacts at 1860. Breaking this level up again and this time we may go further up. If it resists at this level then there is potential for the price to drop back towards the 1830 and maybe further to wick fill.

Todays levels, please add them to your charts

On this chart you can see 1860 or there about is a key level. Lets see where we close tonight

1H TF. Consolidating.. Gold looks like its getting ready for FOMC tomorrow. Seems a Head and Shoulder neckline is being tested. This time the breakout and move can be extreme so we need to make sure we protect any open trades. We're monitoring as the day progresses.

We need to be careful today and tomorrow. DXY broke the trend and is forming what could be a short-term down trend. When we look at the chart we can see a potential H&S pattern forming as well as a 4H double top in the making. We need to monitor this as it looks like it could drop down before coming back up.

NOTE:
There is nothing to stop the Dollar and Gold dropping together, it doesn't always need to be an inverse relationship as we have seen in the past.

Todays levels.

We have a small double top on the 1H timeframe. One trend is broken to the downside, however, there is a trend within it that needs to break. We've narrowed it down to the immediate range which makes it easier to see.

FOMC this evening so please be careful when trading. We're not in any positions at the moment.

FOMC. They'll be waiting for the press conference looking for clues, yield curve, stimulus, interest rates etc. That should be in around 30mins at the press conference.

Please trade safe. Our advice, don't trade the momentum if it happens unless you're an experienced trader.

Daily. We're approaching our level from earlier in the week of around 1880. We want to see how the price reacts here, we're looking at 1873-5 for a reaction. We're not shorting it here yet, breaking and closing above this level will mean the price can go a lot higher.

4H levels. We've had the first rejection of the level but bulls are still strong. Next hourly candle is important. We want to see a retest of the level, if it breaks it it can go higher. A lot of traders will be waiting to short and the market will squeeze them, trade safely

Keep an eye on DXY. 90.318 is a key level, we're looking for it to bounce there

Equity markets open in 25mins. Expect this afternoon to be volatile. Its month end, the monthly close is important for the coming weeks.