XAUUSD 4H - Levels

Gold has caused a lot of traders heartache over the last month or so and continues to do so. Its very difficult to trade and keep on the right side of so we hope that the analysis and ideas shared have enabled you to stay safe in these market conditions.

Gold is now hitting the trend line support on the daily chart we've been sharing here. We're still not happy with this price action and not ready to start committing to any larger long trades just yet. Any long trades should be small lots with strict risk management to test the levels so we can remain flexible in the market.

We've update the 4H chart with all the levels and potential movement to look out for over the coming sessions. We have indications of a move up at some point but it looks like the market will want to make buyers who have entered higher up sweat a little first. We're waiting to see where the daily closes as there is a chance they close around this price region under the 1795 mark and start to consolidate before FOMC tomorrow.

As we've been advising traders, its best to trade it level to level taking a smaller capture rather than trying to catch the top or the bottom of the market.

We'll be back tomorrow with our usual FOMC Report which will be released a hour or so before the release.

Please trade responsibly in these markets, they're some of the most difficult trading conditions we've seen.

As always, trade safe.

KOG