XAUUSD 1H - Levels - Update:

29 mar 2022

XAUUSD 29/03/22 1H

End of day update from us here at KOG:

So we've seen the price reject yesterday around the 1960 level as we suggested in the KOG report and then the decline started which hit our support level of 1920-25 but the support was broken instantly. We had Excalibur targets down below which we have now achieved on a short term basis, we have another on at 1885 and below that at 1875! What we want to see now is how the price reacts around the resistance level above between 1920-25, if it gets there thats where we will be waiting again. Although we were bullish on Gold to start the week, breaking below the mentioned level in the KOG report has now changed our view to neutral depending on where we close today.

From this morning:

Support: 1917 / 1913 / 1909 / 1903 / 1895

Resistance: 1925 / 1933 / 1940 / 1944-47 / 1955 / 1963

KOGs bias for the day:

Bullish above 1903 with targets above being 1920, 1925 and above that 1930

Bearish on break and close of 1903 with targets below 1895, 1885 and below that 1875

Summary:

The resistance level that we mentioned in the KOG report gave a good opportunity to short the markets. Price has however broken below the 1920 level for now so we want to see if it finds support below and then attempts some sort of recovery. We have one more Excalibur target below!