XAUUSD 1H - Levels

We're sharing the chart from last week where we were looking for the extreme levels to go long or to go short. During the week we've been following Excalibur trading level to level taking what we can until we approached one of the levels we wanted. As you can see we're slowly approaching the 1830-35 price point which was highlighted in the KOG report where we are expecting a reaction in price. What we want to see is a clean rejection or a break of the level which is all dependent on where we close on the daily today. We have news tomorrow which is potentially going to drive the market so please trade this carefully, institutions will drive the price to a level where they either want to buy or sell it. Its best to wait for the level to be targeted and look for signs of a reversal. We'll be back tomorrow with the morning review and our plans for the day.

From Camelot this morning:

XAUUSD 10/05/22 1H

Support: 1855 / 1850 / 1843 / 1835

Resistance: 1868 / 1875 / 1895 / 1904 / 1914

KOGs bias for the day:

Bearish below 1885 with targets below 1855, 1850 and below that 1847

Bullish above 1885 with targets above 1895, 1903 and above that 1912

Summary:

We’ve found some short term support around the 1850 level as we anticipated in the KOG Report. Now we want to see how far up this retracement can take us. There’s an IHS on the hourly and a fractal in play. If the Fractal plays out then this can turn around near the 1875 price point and continue the decline. For that reason the 1880-85 price point becomes a key level and we want to see the price remain below it.