XAUUSD - KOG REPORT UPDATE:

Quick end of day update from us here at KOG.

What a boring day for Gold unless you're scalping this for a 10pips up and down with in the range. We can see the support below held and now we're targeting resistance above, however, we need to break this level above for this to go higher! All MA's are converged and the price is in a tight range, in situations like this they will usually accumulate, gather the orders, swing it one way and then the other to trap traders. So how do you trade it? Well, you either scalp the range with a tight stop loss and good RR for 10-20pips, or, you wait for the break, confirmation of the break and then take your position. Everything else is just messy and risky. We're more observers at the moment taking small scalps and not committing to any direction.

From Camelot this morning:

XAUUSD 18/05/22 1H

Support: 1810 / 1808 / 1790 / 1787 / 1777

Resistance: 1824 / 1831 / 1835 / 1843 / 1850

KOGs bias for the day:

Bearish below 1835 with targets below 1810, 1802 and below that 1790

Bullish above 1835 with targets above 1842, 1849 and above that 1865

Summary:

We’re seeing some really choppy price action with conflicting patterns and MA’s converging. This is common market behaviour before another big move on an instrument. We would suggest caution as they will want to move to the market to clear positions which could cause extreme volatility across numerous pairs.

Please have a look at the weekly and monthly charts for a longer term overview and please don't forget to hit the like button.

As always, trade safe.

KOG