FX:XAUUSD   Gold Spot / U.S. Dollar
End of day update from us here at KOG:

Yesterday we said we would be looking for the price to go up into the resistance region, reject and give the short trade down into the levels of 2330-35 initially, with the lower level being 2310. Some traders in Camelot took the long early session, then the short into the region where we then got a beautiful TAP AND BOUNCE from our region giving us the move to the upside. What a Monday on the markets!

What now?

We're targeting that resistance level 2360-65, which is an important level, as breaking above it will then take us up towards the 2390 region and above that 2403 to test that high again. We would like to see this reject the immediate resistance and complete the move to the downside, but we won't be getting involved now as it's late session. The trade and set up will come again tomorrow so we'll wait for the daily close and then release the plan and the bias.

Ranging expected, resistance 2360-5 with support 2340-45, which is the ideal play until the Asian session.

We'll be back tomorrow, for now, clean movement for a Monday with geopolitics lingering in the background.

As always, trade safe.


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