XAUUSD 1H - Levels

We've seen more selling on Gold today which is normal for institutions, they don't usually stop in one day. So what can we expect for tomorrow?

We can see that the resistance levels are now getting lower and well as support. We can the triangle which broke to the downside and targeted the daily support at 1785 where it bounced. We have two Excalibur indications for tomorrow, 1808 and 1776. So tomorrow we will look for two scenarios.

Scenario 1:

The price goes up first towards the 1805-8 level and finds resistance. This is where we feel we could possibly test the short again targeting the lower levels. We will need to wait for resistance and make sure we don't get a closing candle above the 1808-10 level.

Scenario 2:

The price comes down first to test that lower support and hits our target of 1776. This is where we could possibly see the price bounce and then resume the bullish movement towards the 1808-10 levels again.

Our bias is still short so we won't be looking to take any more long trades for now. We're only interested in scenario 1 unless the price breaks and closes above the 1810 level.

As always, trade safe.