XAUUSD - KOG REPORT UPDATE:

Quick end of day update from us here at KOG:

As we suggested earlier this morning we were looking for the price to target that 1771 level where we wanted to exit any long trades. The level gave a decent reaction and for those of you who caught it we have now travelled down into our Excalibur target below!

So, what's next? Please see the illustration on the chart, indications of lower pricing to come in the sessions ahead and that liquidity sitting above. Do they drop it again tomorrow or push it up for a decent weekly close from the bulls?? Lets stick to the plan for now!

From Camelot this morning:

XAUUSD 18/08/22 1H

Support: 1768 / 1760 / 1759 / 1755 / 1750

Resistance: 1770 / 1776 / 1779 / 1785 / 1792 / 1795 / 1797

KOGs Bias for the day:

Bullish above 1779 with targets above 1792 and above that 1797

Bearish on break of 1779 with targets below 1755 and below that 1750

Summary:

Messy double bottom on the hourly which looks like it wants to complete. As we said yesterday, what would you do if the price was down here!? Will look for support below to take this higher, but likely get the short from above into the Excalibur targets.

As always, trade safe.

KOG