XAUUSD - KOG REPORT UPDATE:

End of day update from us here at KOG:

As we illustrated on Sunday the move to the downside came and settled into the support region below where we expected a reaction in price. The bounce is now in effect so entries should be protected and partials taken as we are potentially approaching the key level resistance, this was highlighted this morning in our review where we said the bias was bearish below! Its bee a good run already this week so now its time to take the foot off the peddle in anticipation of the next move! We'll stick with the plan so far but we're concerned about this resistance level above. Let's see how today closes and tomorrow opens.

From Camelot this morning:

XAUUSD 06/12/22 1H

Support: 1771 / 1767 / 1760 / 1755 / 1750

Resistance: 1775 / 1782 / 1786 / 1790

KOGs Bias for the day:

Bearish below 1785 with targets below 1765 and below that 1760

Bullish on break and close of 1785 with targets above 1795 and above that 1810

Summary:

Shorts should be protected; it would be a good idea to leave a runner if you got good entries from above. We can see the reaction in price from the 1765 level so again, make sure to protect and longs from that level and take partials along the way. Price needs to break above 1775 to go higher into the next level of 1785 which is the key level for today.