XAUUSD 1H - Levels

Quick end of day update from us here at KOG.

As we can see Gold is not taking a rest in the decline, we've hit short target after short target with no retracement on price which has brough us down to here. As it stands, we have one more short target below which we feel will be left for next week. We have a range now of 1785 and 1835 for the week ahead which we'll dissect in the KOG report on Sunday. For now, look for any tests of the lows to be an opportunity to target the resistance levels, we're not selling down here!

We finish the week in Camelot with another phenomenal week, targets being hit across numerous pairs including Gold and Silver.

From Camelot this morning:

XAUUSD 13/05/22 1H

Support: 1820 / 1810 / 1805 / 1790 / 1787 / 1777

Resistance: 1830 / 1835 / 1841 /1846 /1850 / 1868

KOGs bias for the day:

Bearish below 1840 with targets below being 1810, 1795 and below that 1785

Bullish on break of 1840 with targets above being immediate resistance levels

Summary:

Gold is taking no breathing space continuing the decline that we’ve been following down towards our lower target. We would however expect there to be some form of small rally towards the upside once this has found support. Right now we are at a strong weekly support level which if broken can mean we will be seeing very low prices in Gold! Its Friday, its been a good week in Camelot, lets not take any risks today!