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XAUUSD – KOG REPORT! for FX:XAUUSD by KnightsofGold

In last weeks KOG report we identified the breakout and were expecting more bullish momentum in Gold . We were looking for the 1805-02 level to hold as support where we suggested a move upwards to the first target of 1820 and above that 1830. We expected to see resistance at the at the 1830 level which we’re seeing now.

So what can we expect in the week ahead?

We would like to see another attempt at trying to break the 1830 level to the upside. Based on that, we would expect the price to begin some form of retracement over the course of Monday. Opening could see a move upwards to test the high of Friday and hopefully we again will see resistance at that level. This would represent a good opportunity in our view to test the short trade towards the lower support levels of 1820 and below that 1808.

If this 4 hourly trend is accurate you can see we’ve broken out and a retest is likely. However, what we have to keep an eye on is if this breaks back inside the trend. We can see a pool of liquidity sitting around the 1850-55 level where there is a chance the price can go to. We also have an Excalibur target sitting above, so its likely we will see a move to the upside in the coming sessions.

Daily:

This chart is very interesting. We can see how that resistance level has held but what is also important here is that the NFP release couldn’t push the price high enough to break that previous double top . We will be looking for Monday and Tuesdays daily closing candles. Bearish closes could entail a triple top formation which would indicate a strong possibility of a bearish reversal!

Support levels 1820, 1810 are good targets for shorts. Also good levels to test the long trade for 1830, 1840-55. The price needs to break and close above that 1830-33 level for this to remain bullish and target higher levels.

There should be low volume in the markets tomorrow as it’s a holiday in the US. Its likely most of the movement will come in the early sessions until the US is open again on Tuesday.

As always, trade safe.

KOG

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