XAUUSD 1H - Levels

GOLD!

We've tried to break the 1H down as much as possible without making it look messy. You can see the range we're playing in, ideal for scalping, however, if you're looking for a swing trade its probably not the best of ideas. We have a small declining trend line creating lower highs and also an inclining trend line which on the 15M chart is forming a possible symmetrical triangle. As we said, the only way to trade it is either to scalp the support and resistance levels as well as the trend, or wait for the break out and then get in for the move.

What we would expect is for this to break one way and get buyers or sellers in and then do the opposite to make its move. Breaking above resistance and its likely we'll see the 1810, 1825 levels. Breaking below and we'll likely see the 1760 and 1740 levels below that.

We're sitting neutral at the moment as the markets across most pairs are looking like there is something on the horizon.

We've added the 15M chart below so you can see the smaller time frame symmetrical triangle.


As always, trade safe. Sometimes sitting out and waiting is where traders make the money. Patience is key in this game, so lets play it safe and wait for confirmation. Our plan and bias is still short on this as we have targets above that we feel will get hit before the decline. So we'll wait for a good opportunity to short the market to lower levels. Right now, we don't want to get involved with noise.

KOG