XAUUSD - KOG REPORT! (4 Hour)

4H:

This is an interesting chart. We can see we’ve broken out of the trend and now we’re looking for the retest. We drawn in the 4H support and resistance levels for you to add to your charts as well as what we feel is the potential movement.

Please do also read the weekly and daily analysis which we have shared separately for you.

We can see the double top pattern and strong selling pressure bringing us down on Friday to break the neckline. A retest of the trendline break and strong resistance would represent an opportunity to again short the market for the 1735-20 levels as completion of the whole move is lower down. As we’ve shared on the weekly and daily charts, the levels are similar as are the areas of interest where we either want to go long or short. We’ve tried to illustrate on the chart as best we can with the arrows to show the levels we’re looking at and where to look for support or resistance to form.

Please trade with caution this week as its the first week of the month and if this is a false breakout its likely we complete the trend to the upside. We also have a lot of news this week and FOMC on Wednesday which will move the markets. So expect the movement to settle after tomorrow into a range and then a potential breakout during and after FOMC. As always we will share our FOMC analysis a few hours prior to the statement on Weds.

Our bias, as it has been from the 1960 levels is still bearish on Gold. We are however looking for a bottom to form soon where we would like to get in for some long term long positions. We have shared another 4H chart below with the immediate key levels.

As always, trade safe.

KOG