XAUUSD 1H - Levels

We can see all the MAs tightly converging together not really giving the price a lot of movement. There are two price points that are important here, the 18080/9 level and the 1812/14 level. Breaking and closing above the 1812/14 level will likely lead the price to resume bullishly towards the 1820-25 price points while closing below the 1808 level is likely to push the price back down towards the key level support below at 1795. We haven't changed our view much from the KOG report published on Sunday where we suggested a similar scenario on Gold.

Its a tight range for Gold so tread carefully and ideally wait for either price point to break before getting in. The only clue we have here is the trend of which we are sitting right at the top. So we would need a strong bullish engulfing candle to break this to the upside.

Not much more to report unfortunately KOG troops. Its a waiting game for us.

As always, trade safe.

KOG