XAUUSD - KOG REPORT UPDATE:

29 Jun 2022

Quick end of day update:

As we suggested yesterday we we looking for the lower level to give a reaction in price, this is why we said its too low to short, rather look for it to go up and then we can look to short it again. We've hit a few targets below on Gold as per the KOG report and now await tomorrow to see if we go further down or if the market closes in the range, which is very possible. That high could just be a test so be careful shorting this at low ranges! For now, look for support below if you're going long or resistance above to short it again, we will stick with the plan and bias for now which is to short it from key resistance levels. So far this week Gold has given us over 400pips trading this level to level on the way up and getting the right entries with Excalibur targets on the way down.

From Camelot this morning:

XAUUSD 29/06/22 1H

Support: 1816 / 1810 / 1806 / 1802 /

Resistance: 1820 / 1825 / 1832 / 1837 / 1841

KOGs Bias for the day:

Bearish below 1837 with targets below, 1810, 1806 and below that 1790

Bullish on break and close of 1837 with target above, 1850 and above that 1865

Summary:

We’re at range low and it’s also testing the pattern neckline, there should be a reaction in price around this price point. We need to break below with volume so there is potential for this to start a bit of a retracement from around here into the resistance levels above.