XAUUSD - KOG REPORT UPDATE:
Quick end of day update from us here at KOG:
Following on from yesterdays update, we highlighted the resistance area we wanted to see a reaction in price before another move to the downside. As you can see, CPI didn't matter, the chart did what it was supposed and the move completed down into the region where we wanted and then bounced! We would suggest now that if that resistance level hold we're likely to see more downside in Gold, so any longs should be protected and shorts should have been cleared already.
From Camelot this morning:
XAUUSD 13/10/22 1H
Support: 1670 / 1665 / 1660 / 1657 / 1653 / 1647
Resistance: 1674 / 1677 / 1685 / 1690 / 1694
KOGs Bias for the day:
Bearish below 1695 with targets below 1657, 1647 and below that 1635
Bullish on break and close of 1695 with targets above 1704
Summary:
Tight range again as you can see on the charts provided. The short-term trend is to the upside but we’re nearing the top where we will see a reaction in price. We’ve changed the levels slightly and stretched the resistance to 1695, there is a chance news today could spike the price up to target that level. Target below remains, the range however is making it difficult to hold a trade so please trade with caution.
As always, trade safe.
KOG
Following on from yesterdays update, we highlighted the resistance area we wanted to see a reaction in price before another move to the downside. As you can see, CPI didn't matter, the chart did what it was supposed and the move completed down into the region where we wanted and then bounced! We would suggest now that if that resistance level hold we're likely to see more downside in Gold, so any longs should be protected and shorts should have been cleared already.
From Camelot this morning:
XAUUSD 13/10/22 1H
Support: 1670 / 1665 / 1660 / 1657 / 1653 / 1647
Resistance: 1674 / 1677 / 1685 / 1690 / 1694
KOGs Bias for the day:
Bearish below 1695 with targets below 1657, 1647 and below that 1635
Bullish on break and close of 1695 with targets above 1704
Summary:
Tight range again as you can see on the charts provided. The short-term trend is to the upside but we’re nearing the top where we will see a reaction in price. We’ve changed the levels slightly and stretched the resistance to 1695, there is a chance news today could spike the price up to target that level. Target below remains, the range however is making it difficult to hold a trade so please trade with caution.
As always, trade safe.
KOG
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🟡 Disclaimer: Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
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