XAUUSD 1H - Levels

As we suggested in yesterdays published idea, the bull flag was not sufficient enough to make an impact on the price. It was the wedge we were interested in and wanted to see break. Today we got the break! Gold followed the path we highlighted straight down into the support region we were hoping to get to.

What can we expect?

We would expect there to be some more selling in the sessions to come. We can see resistance levels at around 1803 and 1810 so these levels could represent good opportunities to take partial profits on any longs. Gold will need to break these levels to have any short term chance of recovering today's loses. We will look at these levels again tomorrow for potential shorting opportunities to target the lower levels of 1775 and below that 1755.

Today's close will give us another bearish daily candle which we mentioned in the KOG report on Sunday. Please do have a read if you have not already done so!


Below is the chart we published on our group for a potential short idea on Sunday.


Daily Chart: