XAUUSD - Daily

XAUUSD - Daily Update:

KOG members. This is an update on the daily chart we have been following for the last few months. Please have a look back at our analysis on this channel for more clarification.

As you can see we have slightly broken out of the consolidation, however, we're bouncing in and out of a supply zone on the daily. In order for this to go further down we need to break this support and it needs to turn into resistance. This will also then form a complete H&S on the daily which will force the price lower towards the 1700 levels on Gold. Right now we think the price is likely to test the low support again and then potentially retrace back up towards the 1770-80 levels before settling for NFP on Friday.

We'll publish our NFP analysis on Friday as we will be screening all pairs looking for clues as to which way it will go.

As we've mentioned numerous times on this group. If you have less than 1 years experience trading Gold then its a good idea to sit this out until next week.

As always, trade safe.

KOG