Gold has broken above our liquidity zone to the top side. We have Excalibur indications of some further movement up but feel these may be temporary for the coming week. We’re expecting a push up towards the 1890-1901 levels before a decline back towards the area of liquidity situated around the 1850-40 price point. What we want to see is the price to be driven quickly to the higher levels and then start its decline. Please note - if we get a gradual move upwards with consecutive candles closing higher then Gold is attempting to open up higher pricing, next level being around 1910. Also, as always, there are a few scenarios. Although we have an indication of the price going further up, we’re approaching key levels of resistance here and above, Gold may need to gather momentum and volume from further down before coming up to break 1900.
We performed some analysis before the US election Sep/Oct 2020 which has showed and is showing Gold is following the route we predicted. This shows that there is a potential for Gold to rise towards the 1950 levels unless forcefully breaking 1800 and staying below it. This is something we need to keep in mind as this volatile pair likes to shake out buyers and sellers with its erratic movements.
In summary:
Scenario 1:
We see the Gold open and pullback slowly over the course of Monday before rising to our higher levels and then starting the decline over the rest of the week.
Scenario 2:
We see Gold open and continue with the momentum from last week, go up towards the our target levels and then start the drop over the course of the week.
Either way, we’re trading calmly and as always level to level. We will monitor the price action on the smaller timeframes over the early sessions and then decide which way we want to take it.
As always, trade safe, ALWAYS use a small lot and sensible stop loss when trading. We’ll be back tomorrow with our trade ideas and analysis on the smaller timeframes.
Support:
1880-75
1863-60
1850-45
Resistance:
1885
1896-99
1908-12
1924
1948-55
Your likes, comments and follows are greatly appreciated.
KOG
We performed some analysis before the US election Sep/Oct 2020 which has showed and is showing Gold is following the route we predicted. This shows that there is a potential for Gold to rise towards the 1950 levels unless forcefully breaking 1800 and staying below it. This is something we need to keep in mind as this volatile pair likes to shake out buyers and sellers with its erratic movements.
In summary:
Scenario 1:
We see the Gold open and pullback slowly over the course of Monday before rising to our higher levels and then starting the decline over the rest of the week.
Scenario 2:
We see Gold open and continue with the momentum from last week, go up towards the our target levels and then start the drop over the course of the week.
Either way, we’re trading calmly and as always level to level. We will monitor the price action on the smaller timeframes over the early sessions and then decide which way we want to take it.
As always, trade safe, ALWAYS use a small lot and sensible stop loss when trading. We’ll be back tomorrow with our trade ideas and analysis on the smaller timeframes.
Support:
1880-75
1863-60
1850-45
Resistance:
1885
1896-99
1908-12
1924
1948-55
Your likes, comments and follows are greatly appreciated.
KOG
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🟡 Disclaimer: Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: www.instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
