We’re going to keep it simple this week. Please do have a look at our previous weeks analysis and the trade ideas we posted during last week for a more in-depth outlook. Last week we were looking for a move down to towards the support levels of 1860-70 and then for the price to move up again to target the higher KOG targets. Excalibur gave us an indication to a long trade which we took successfully. We can now see a slight change to the structure which is telling us to take caution. It looks like that move down to the lower support levels may commence this week instead. Now if we see this trendline break aggressively as well as that 1873 support level it is very likely we are going to see lower pricing on Gold and that 1860 level will come into play.
Our targets still remain around the 1910 and 1917 levels so we would assume because of continuous rejection at 1900 and the formation of a double top on the daily Gold needs to gather a bit more momentum before taking the chance at breaking open 1900. We can still see a very bearish outlook for Gold but at the moment we don’t think its ready, we’re envisaging more of a down, up and then down scenario to come over the coming month and beginning of July.
For that reason we're going to be taking short-term trades on Gold this week with the intention of catching the short trades to support levels and looking for good support levels to take the long trades. As always, we will wait to Excalibur to give us an indication of movement in the coming sessions.
As always, trade safe.
KOG
Below is the 4H chart snapshot. Its showing that we are still within the channel that was created around the end of March 2021. If it wants to break it needs to break this level forcefully and continue down. Like we said, we will only have a clearer idea once the markets open.
I follow you on Telegram too. Thank you for all you do. I went short on Friday to this level. Let's see if it drops more. On 4 hr ichimoku it's broken the cloud which is bearish,but on daily strongly bullish, could drop to 1840 even, then rebound?
KnightsofGold
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@Mundane29, 🙏 Yes looks likely there will be a rebound later in the sessions
Hakkeem83024
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thanks KOG team for your efforts.. during my trade I am focusing only your ideas..
restaurantolive10
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@Hakkeem83024, hai dear ar you last frayday profit or not