XAUUSD 1H - Levels

Quick update for the end of the day.

This morning we gave caution on short trades as we had suggestions of a bullish move on the horizon. We had an Excalibur target from a few weeks ago at 1833, because of that move yesterday into supply anticipated this to break that level and target the 1842 level. If you have a look at this mornings update you can see all levels above have been completed as well as our 1833 target.

So for the rest of the session we would expect one of two scenarios. Either this ranges here and doesn't give early sellers an exit or this retraces some of this movement with the first destination being the support level of 1835 and below that 1830. This level is now key as price above could mean more bullish movement on Gold tomorrow.

We'll be back tomorrow with our thoughts on the market.

As always, trade safe.

KOG