XAUUSD - 1H

Gold is testing a previous level of strong resistance. We're not far from our target level of 1720. We're not taking any positions yet, we want to see how the market reacts down here. Levels are on the chart, please use them.

XAUUSD 4H - Updated - For reference only

IMPORTANT:
As we've always done on this group, we share most of our trades and ideas with you. This one is quite a risky trade, we're sharing it as this is our plan for the day. If you follow, follow at your own risk!

We're looking for this to go a little lower towards 1720-17. We want to test the long trade at this level for a quick capture towards 1730-35. This could potentially be a risky trade as there is strong bearish momentum. The trade is based on successful support below, if we don't get strong support we won't enter.

We're using a small lot with a stop in place.

Please remember. This is based on strong support below! If support breaks this will go lower towards 1708-1700.

This was close!! If you entered protect this trade

Closing this trade here +50pips

Trade Complete 💥

Well done if you held that one. Was quite a ride

This trade is complete. We didn't get the entry we wanted. Keep an eye on the 1735 level for resistance. There's potential for this to drop back down

Back to the screens now, we'll share any trades we'll be taking soon, once we analyse the setups

We're expecting this to go higher at some point over the coming sessions. We would ideally like the 1735-38 area to act as support which would represent a good buying opportunity. Our targets have not changed, we had a lower target of 1720 which we just missed yesterday and a higher target of 1760. Surpassing the 1760-65 level which potentially push the price higher towards the 1780+ levels.

We'll share our Long idea when it presents itself.

Members, be careful, take longs with caution. Make sure you use stop losses etc. We're going to wait a little bit longer before we buy

Quick update:

The reason we haven't entered yet is because we still have two active targets, 1760 and 1720. Right now we're closer to 1720!

We're also looking at the 4H and 1H charts and there are conflicting patterns. On top of that we have a Powell speech at 17:00GMT. This is suggesting to us that Gold is getting ready to make a big move. In situations like this is best to play safe or trade minimal lots with tight stop losses.

Yesterdays analysis seems to be playing out quite well. Today we're looking for support around the 1740 level first and then 1735. If we get successful support below we'll aim to enter a long again to target that 1760 level.

Please note, 1750 is a key level and a strong resistance.

Likewise 1735 seems to now be a strong support level.

XAGUSD:

Looking for support below and we're going to test the long to the target area. This has potential to go to 25.80 levels but we're only looking for a quick capture.

Stop in place, small lot if you follow.

GBPJPY - 1H

Don't think we're going to get much of a retracement on this. A little bit higher and we're going to test the short entry to the target area.

As always, use a stop and small lot.

USDCHF - 15M Chart:

Trading this with caution. Not much of a pullback on this so we've entered the long to the target area. We're looking for 0.92536 or close to that region.