FX:XAUUSD   Gold Spot / U.S. Dollar
End of day update from us here at KOG:

Yesterday we gave the target level 2368-70 and said this would be a key level, unless broken we could see price come back down. Early session gave the long and then the RIP playing the range we gave 2355-2370. The second attempt gave us another short into the bias level targets and the Excalibur targets sitting below, not only allowing our traders to take it up, but down as well for a phenomenal day on the markets.

Now we still have resistance above 2365-70, which if held should give us a retest of support if not lower into the 2345 region which is where we again need to monitor price. We're still ranging and its a very mundane, slow sideways movement while it drags the mean on the longer timeframe closer. For now, we'll still treat it for what it is and use the levels to our advantage for the intra-day trades.

From Camelot this morning:

XAUUSD 09/07/24 1H

Support: 2355 / 2350 / 2347 / 2339 / 2335

Resistance: 2362 / 2365 / 2372 / 2378 / 2385


Price: 2360

KOGs Bias of the day:

Bearish below 2370 with targets below 2355 and below that 2350

Bullish on break of 2370 with target above 2385

Summary:

After yesterday’s move, we could see a slight continuation today, especially with the Powell speech later today. Resistance now stands at the 2370 mark which was the target region for the retracement and is now complete. The RIP now is supporting here at 2360 so there is a chance we may get a small retracement again back into 2365-68 which is where price needs to stay below in order to continue downside.

As always, trade safe.

KOG

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