XAUUSD - KOG REPORT UPDATE:

End of day update from us here at KOG:

Although we have lower targets this morning is was suggested not to short into the 50-55 region as it looked to be holding strong. We said that Gold will want to do a grab from above so the 70-75 region was a likely target for the long trades. LiTE further confirmed the move giving the long a decent capture. We can now see price playing the MA's on the hourly so this makes the potential range for the remainder of the session 70-75 resistance and 50-55 support. These are important levels now with price needing to break either side to make the bigger move. Above 75 we're likely to test 2000+ and below 50 we have our 30-35 in line.

Good day on the other pairs with USDCHF still active but all others hitting the target including the 2 Gold long trades.

From Camelot this morning:

Support: 1950 / 1952 / 1945 / 1938 / 1929 / 1924

Resistance: 1960 / 1964 / 1968 / 1974 / 1982 / 1988

Price: 1952

KOG’s bias for the day:

Bearish below 1970 with targets below 1940 and below that 1935

Bullish on break of 1970 with targets above 1985 and above that 2003

Summary:

It’s the last week of the month so please take your foot of the peddle, there is likely to be a fight over where they close this monthly candle so expect there to be swings, whipsawing and choppy price action. Market looks like it’s waiting for some news to drive it, so this could be the calm before a storm. Resistance levels worked well for the long targets with 60-65 giving the temporary rejection. Price ideally needs to break this region 50-55 to continue going down, you can see it’s being held here so shorts would be risky here. There is liquidity sitting above around 1975-80 so potential for the swing high during the coming sessions.

As always, trade safe.

KOG

Commento:

We're not out for the month, any longs are protected with partials taken. The swoop of 50-55 came, gave the entry and broke the 75 level which turned to temporary support. Last day of the week and month, so let's take it easy.