XAUUSD 1H - Levels

Quick end of day update from us here at KOG.

So as we anticipated we got the rejection at the level below where we had planned to go long from last week. Having said that the rejection isn't as strong as we hoped and we can see this potentially going lower sooner rather than later! We still have our KOG target around the 1780 region and we have further indication of a move down as long as we're experiencing lower highs on the chart. We have a level above which we feel is a reasonable target if you're in from lower pricing or we get a decent pull back and the 1835 level still acts as support. We're level to level at the moment looking for the longer term short entry from slightly higher up. Break and close of the higher resistance level and we'll assess adapt to the change.

From Camelot this morning:

XAUUSD 11/05/22 1H

Support: 1835 / 1830 / 1823 / 1810

Resistance: 1850 / 1868 / 1875 / 1895 / 1904 / 1914

KOGs bias for the day:

Bearish below 1860 with targets below 1835, 1830 and below that 1820.

Bullish on break and close of 1860 with targets above 1885, 1895 and above that 1905

Summary:

We’ve come down to this level where we anticipated the reaction on price. 200MA on the daily rejected it but not as strong a rejection as we would have hoped for. We’re sitting just below 1850 resistance which needs to break to the upside and confirm support for this to go higher. Right now we’re neutral, any longs from below partials have been taken and the stop to entry. We have an Excalibur Target above the 1850 level which is why we’re now playing with caution.