XAUUSD Daily - Levels update:

As we suggested in yesterdays update we were looking for more bullish momentum in Gold looking to target the 1841 price point which has been achieved. We were looking for rejections in the circled area which we're seeing now, however, the move down doesn't look convincing enough for us to test any more short positions at the moment. We will have to wait for the close on the daily but at the moment it looks like we will see some more bullish movement in Gold in the coming sessions. We have indications of the 1875 level where we feel would be the next zone to target or to take the next short position based on strong resistance.

Tomorrow we will be looking for support around the 1820-22 price point and below that 1810-13. At the moment the market is bullish with indications of a turn on the horizon so we would suggest trading responsibly with small manageable lot sizes that will allow you to make informed decisions. Breaking the support levels and turning back inside the trend will lead the price to decline further back down towards the 1785 region.

As always, trade safe.

KOG