Not worth the risk. We'll look to get back in later on or if this goes a little higher.

We're done for the day. That gold trade still looks feasible but we came out of it with minimal profit. We'll look at it again on Asian open and if it looks good we'll share the trade here.

Quick note. Silver, platinum and palladium have left us a long signal, DXY and USDJPY have left us a short signal from last week. Looks like this will be an interesting week on the markets with a lot of movement. Please trade safely and protect any positions you're in. Stick to small lots and always use a stop loss.

Back tomorrow. KOG

XAUUSD - 1H update:

Gold is trying to break the 1850 level so we should take caution here. Yesterday we wanted to see the pullback down to 1830, which is still on the cards but we need to monitor the price where we are at the moment. As per our weekly review, we can still see the price moving higher before coming down, we're looking now to get good support below which stands at 1830 and then 1813-10 levels. The higher levels to look out for are 1850, above that 1865-8. There is potential for this to turn around the 1860-65 level which we will be monitoring closely.

NOTE:
If this is a messy H&S on the hourly then 1845 should act as resistance before this comes down to test the lower levels mentioned. Again, something we're monitoring. We're once again seeing a tight range, choppy price action and messy patterns, gold is making it difficult for us but we'll try and stay ahead of the move.

KOG

1838 is a key level here.

USOIL WTI update:

Its come down to our target support zone. We're looking for resistance above to break. Breaking that and closing above it on the hourly and we'll get in for our KOG target above. Will keep you updated on the trade.

We'll update the AUDCAD and AUDCHF trade ideas later this afternoon. Both seem to be going to plan and the KOG target is still active.

Before:

After:

Keep an eye on the charts posted. All the levels are there. The short from yesterday was a good idea, unfortunately it didn't work out for us. Excalibur has given no buy signals above, all the targets are below. What we're following is all KOG technical levels and price action on Gold. We want to see this find support and for Excalibur to confirm the direction short-term. We're not really interested in longs unless they're for quick captures, we want to get that sweet spot to short this for KOG targets below.

Reminder of the KOG targets.

Support is forming at around 1825-28 levels. Resistance 1835-40. We've seen it bounce twice now from the support level and a few times from the resistance level above. Its still within the range for this week and we're waiting for a breakout. The spike down yesterday could have been a bit of a bear trap to get some sellers in.

We have two levels here to look out for, 1835 and 1845. If we see strong resistance at these levels we may test a small short towards the 1808-12 levels. The stop will need to be tight as breaking above 1845 will lead the price to target the higher levels of 1850-55 and then 1860-65.

Whether you're in long or short on this make sure you're using a stop loss and stick to it!

Our plan here is to stay out of long positions for now. Rather we're looking for resistance levels mentioned above to test short entries with strict stop losses in place. We're forming a pattern on the smaller timeframes which could give us an idea of where this may go first. We'll keep you updated.

https://uk.tradingview.com/chart/XAUUSD/db31vIoA-XAUUSD-1H-Levels-and-plan/

Its very similar to what we've already published here. If you get a chance, please give us a like and share.

GMT

If Gold is going to spike up it should only be around 1845

USOIL -

If you're in that oil trade its approaching its target.

AUDCAD - Update:

If it breaks this level we'll cut this trade. Rather wait for the markets to settle and then try to get back in

Reminder. We're only shorting this, not taking any longs.