We bounced at the 0.618 Fib level which also coincided with the weekly trendline which we extended last week.

We have circled our area of interest with a possible level of 1760-65 and a lower level 1682 as the range. Breaking one of these levels should determine whether Gold will continue its bullish or bearish run.
There are a lot of barriers in the way upwards, one mainly being that 1800 psychological level.

As we mentioned last week, we’re monitoring what is potentially the 3 black crows candle pattern. Although these patterns are most relevant at the top of trends it still signifies bearish pressure on Gold .

Support:

1720
1692
1640-45

Resistance:

1742-45
1760-66
1795-1800

Played out just as we thought last week. Again, you can see on this chart the price is within a range we consolidated in Apr-Jun 2020. Key level here is that 1748-50 level where we would expect a reaction.

FOMC on Wednesday so unless they price it in first half of the week we’d expect accumulation until we make the move.

We’re still bearish on the daily, we’ll take small long trades to capture any retracement but overall we’re looking for our lower level of 1640 with the first target being 1657.

Support:

1720
1703
1693
1671-65

Resistance:

1730
1748
1770-77

Looks like 1737-45 is on the cards. Resistance here is crucial as forming a triple top will result in a strong rejection of the level. Breaking up could be a forceful move with an immediate target of 1755.

Top of the short-term trend is around the 1755 level, breaking this level will result in higher pricing for Gold this coming week. We’re watching these levels closely as they’re good opportunities for us to manage our long trades.

We’re going to keep this one simple as we want to wait for market open and move down to lower timeframes in order to pick our trades.

We'll be back in the morning. Wishing you all a successful trading week ahead.

Knights of Gold

Looking for 1740-42 a pullback towards 1724-26 would be ideal to get a good entry for this trade. Strict SL and small lot being used.

If you entered the trade with us, we're taking partial profits here and protecting the trade. We need to break the highlighted resistance level at 1729 otherwise we could be in the process of forming a chart pattern that can reverse the trade.

We're done for the day. We're now closing 90% of the earlier trade and moving the stop to entry as we don't want to hold much of it overnight. We've banked enough on it and now it's risk free. Well done to those who followed, we would suggest you do the same.

Nice start to the week. See you tomorrow!

Knights of Gold

We're going to stick with the ideal we shared yesterday. 1729 is acting as a minor support which is a good sign. We do however need 1735 to break for this to give us our initial target of 1742 and then potentially higher.

We have FOMC tomorrow so the market might be ranging tightly like this until then.

Support:

1729
1720
1702

Resistance:

1735
1745-55
1770

Dear members. There is also a group chat (pinned message with the link) for anyone who would like to join. No obligation to join the chat group. It's handy if you enjoy discussing your analysis and ideas with other like minded people.

💥 Trade complete

We're done for the day. Back tomorrow for the main event. We'll give our analysis and views as to potential moves before hand. Unless we get anything major for the remainder of the session we should range in this area with a bottom of 1720 and high 1740.

FOMC 18:00GMT

Gold opened with positive momentum during the Asian session. We would suggest you monitor any trades you have open for the rest of the day as the market will be waiting for the FOMC minutes later today. Ideally, if you're not in any trades then stay out of the market until after the FOMC meeting, once the market has settled you'll get better, clearer opportunities. We're expecting there to be volatility during and after the release, especially during the press conference.

We're not in any trades apart from the longs we're holding from below. We'll update you later today and closer to the time with our trade idea and analysis as we'll be looking for clues.

Support:
1730
1720 - Below this negative
1714
1707

Resistance:
1734
1739
1747
1765

FOMC:

This is what we're hoping for. Whether it plays this way or not no one can predict. We're looking for higher pricing but want to get a good entry for a long. Support levels have been given on this mornings analysis. We're looking for a first destination of 1720 and below that 1708 levels. We will be looking for STRONG support here and an indication the market is going to turn before we enter.

The box shows the range the market can move in during and after the event. IF WE DON'T GET STRONG SUPPORT we will not enter!!

This could quite easily go the opposite way straight away in which case we'll wait for tomorrow once the market has settled.

We would strongly suggest you don't trade this unless you have over a years trading experience. Always use sensible stop losses and manage your lot sizes according to your account size.

NOTE:

This is not a signal. Just an idea of what we think is going to happen. If we get a good entry on pullback or retracement we will share it with you.

Level we want to hit is 1740. Lets see how it plays out