XAUUSD 1H - Levels

5 May 2022

Quick end of day update from us here at KOG.

As we can see the price went into the resistance area that was marked out in the FOMC report and rejected. What is has done though is left us an indication of further movement up!! So for that reason we would say look for resistance above to target the lower level, or look for the resistance to break to target the upside before then attempting to take the short trade back down into the KOG level. We can see a clear reversal pattern on the chart with resistance being around the 1885 mark so this is now the key area for us to look for a reaction. We can also see that the price has come back to the breakout that was caused by FOMC where it has found support so selling here is not a good idea!! Holding below the 1890 level is not a good sign for bulls and can lead to a resumption of the bearish pressure we have been witnessing of late.

From Camelot this morning:

Pair: Date: Timeframe:
XAUUSD 05/05/22 1H

Support: 1890 / 1885 / 1881 / 1874

Resistance: 1895 / 1904 / 1914 / 1923

KOGs bias for the day:

N/A –

Summary:

We analysed the move up in Gold yesterday pre-FOMC with the 1903 price point sticking out to us. Although we have hit that and rejected there is still a possibility for more upside on Gold. Ideally, we want to clear that 1913-15 mark and tap out at around 1925-35. Support stands around 1885-80 where a break and close below can resume the move down towards our lower targets.