XAUUSD 4H - Levels

Not a great day for Gold today in terms of movement. Choppy price action, up and down within a small range. We can see that its getting ready to make a move and will most likely do so in the coming sessions.

We're still bearish on this, you can see the chart we posted yesterday and how its still below the resistance level. It did what we anticipated in our KOG report, went down first and then came up to hit the resistance and rejected. We can see its holding here but we need to wait for the close. It doesn't look like it will move much more for the remainder of the session so tomorrow is important.

We want to see this close below the 1795 level on the daily today. Tomorrow we may see Gold come down to challenge the support and up to challenge resistance levels until the news release at 13:30GMT where we will probably see more whipsaw price action to get traders stuck before it makes its move.

We have this level here where we would ideally want to scale in short, however, we also have that higher level of 1804-8 which we're looking at closely. This level we feel would represent a good opportunity to short again towards the lower levels.

We'll be back tomorrow before the US session with our trade plan and idea.

As always, trade safe.

KOG