XAUUSD 1H - Levels

Quick update with what to look out for in the remainder of the session.

We're now back at that 1835 support level which needs to break to the downside for this to go lower. We can see a potential test on the 1825 level but we're not shorting it now until we have a confirmed break. The range remains the same, 1835-1855 which is giving traders an opportunity to trade in between the levels but this won't last long. The markets are geared up for more volatility in the coming sessions with more swings like this but sooner or later this range is going to break. Keep it tight, use a sensible lot size and don't over leverage!

We'll be back tomorrow, as always, trade safe.

From Camelot this morning:

XAUUSD 12/05/22 1H

Support: 1835 / 1830 / 1823 / 1810

Resistance: 1850 / 1868 / 1875 / 1895 / 1904 / 1914


KOGs bias for the day:

Bullish above 1860 with targets above being immediate resistance levels

Bearish below 1860 with targets below being 1835, 1823 and below that 1810

Summary:

They’re accumulating and converging getting ready for a breakout that’s why we are experiencing swings up and down. This market condition entails caution, they won’t let you hold a trade for the long term unless it’s a smaller lot with a larger stop. The range at the moment is 1835-1855