XAUUSD - KOG REPORT UPDATE:

End of day update from us here at KOG:

Yesterday we suggested traders who took the short from the resistance level with take the exit at 1785 or look to take partials and protect the trade. We wanted to see this close below the level to go lower, instead, Excalibur activated giving a long indication on which we took a good entry from the support region up to where we are now, where one of the targets has completed. We would now say the 1806-10 level becomes support and needs to break to go lower, we have a higher level but we're not going to go long up here. We've already shorted it down and taken the long, now we will wait to potentially take this down again!!

From Camelot this morning:

XAUUSD 20/12/22 1H

Support: 1805 / 1801 / 1795 / 1790 / 1787 / 1785

Resistance: 1806 / 1810 / 1812 / 1820 / 1823 / 1830

KOGs Bias for the day:

Bullish above 1795 with targets above 1810 and above that 1820

Bearish on break and close of 1795 with targets below 1780.

Summary:

Yesterday we got that level from the top into the support region below, however, price failed to break the level, so we suggested either taking the trade or protecting it and taking partials. We needed that forceful candle to drive through 1795 which we got and its hit the Excalibur target. Now, we look above again, approaching the levels of 1810 which is key resistance so there could be a reaction in price around there. Support now stands at 1800 and below that 1795, above that we’re on for the higher Excalibur target.

As always, trade safe.

KOG