XAUUSD - KOG REPORT UPDATE:

End of day update from us here at KOG:

This was one hell of a week with the only target left active being oil from what I can see, everything else was hit to the pip. Golds move although extreme was expected, this low though is a bit of a surprise, but there is liquidity down here that needs clearing. Support now stands at the 1980-85 price point but we're too late in the session to get involved. The short was enough for the day with the support giving a temporary bounce but nothing sustainable.

MA's are stretched so some form of retracement should be on the horizon. Concern here now is the mess that Gold has left above, so right now we're still not convinced to turn bearish, we need to see how we open and play early part of next week.

From Camelot this morning:

XAUUSD 14/04/23 1H

Support: 2025 / 2018 / 2015 / 2011 /2004

Resistance: 2035 / 2041 / 2046 / 2050 / 2057 / 2062 / 2070

Price: 2034

KOG’s bias for the day:

Bullish above 2015 with targets above 2050 and above that 2062

Bearish on break of 2015 with targets below 1990 and below that 1981

Summary:

Support stands at 2020-25 and below that 2015 which is crucial for this to stay above to continue the move to the upside. We have Excalibur active to the upside but as we said yesterday, it was too high to get in long. We were expecting a small correction so let’s see where this finds support. We need to be careful as breaking below those key level support regions will cause this to attempt breaking the 2000 level for the close. It’s Friday, we’ve smashed targets, let’s take it easy. Nothing wrong with testing levels with smaller lots and a risk model in place.

We'll be back on Sunday for the KOG Report.

Until then, wishing you all a great weekend.

As always, trade safe.

KOG