XAUUSD 4H - Levels updated!

We published yesterday suggesting that we can see the price wanting to visit the 1795 level before it makes a bullish move. We still feel this is the case, however, there is a possibility we may see it push up towards the 1820 level first, then come down towards 1795-90 and then again make a move upwards. Based on this we will trade with two scenarios in mind:

Scenario 1:

If the price comes down first towards the 1800/1795 levels we will test the long trade towards the 1820/1830 levels

Scenario 2:

If the price goes up first, we will look for resistance around the 1820 level, as long as this holds we'll test the short but only towards the 1800/1795 levels as we feel it will still have room for more upside.

The key levels are:

1795 - Breaking this level and closing below will lead the Gold to suffer more losses

1820/25 - Breaking and closing above this level will lead Gold to gain more bullish momentum with possible targets 1830, 1845 and then 1850 as the levels above.

Right now we're seeing sideways price action which is normal Pre-NFP. We do have some news coming out during the US session which could cause some volume spikes.

We've been saying all week, please try to trade Gold with caution, NFP is on Friday and there is a chance that the market can move Pre-NFP to throw traders off course.

As always, trade safe.

KOG

Trade active:

1820 rejected. If you took the short make sure to take partial profits and protect your trades.