XAUUSD 1H - Levels

Gold is still within the range and it looks like its not ready to break yet. We can see on higher timeframes there aren't many clues as to which direction the price will choose short-term.

We can see a range of 1795-1825-30 so we would envisage this potentially touching that higher price region at some point and then potentially rebounding to come down to test the 1795 zone again.

We have 2 scenarios for the coming sessions:

Scenario 1:

The price pushes up towards the 1825 level and is resisted, we then see a bearish move back down to test the lower levels again.

Scenario 2:

Gold finally manages to break the 1830 level and the next stop is 1850.

While we stay below the 1830 level we will continue to stay bearish on Gold and trade it how we see it. We've taken longs and shorts which are working well for us but something tells us there is another bearish move on its way.

We'll update as we go along and share any trade ideas when we've identified them.

KOG