XAUUSD 1H - Levels

GOLD! We're taking it easy on Gold during the first half of this week as we don't' want traders to get caught in this up and down chop that we're seeing. Its also FOMC tomorrow so expect some more of this until the market makes its move during and after the release.

We have two scenarios on Gold.

Scenario 1:

If the price comes down to find support around the 1790 level we want to test the long trade towards the 1808-10 levels then potentially look to short it again for lower pricing

Scenario 2:

If the price goes up towards the 1808-10 levels we want to short the market for the lower levels, first 1790 and below that 1775.

If you're trading we would suggest you trade smaller lots than you usually would so the market doesn't make you uncomfortable if it goes against you. Always use a stop loss and have a risk management strategy in place before you place the trade. We've been sitting in this consolidation for a while now so its only a matter of time before this range is broken out of.

As always, trade safe.