XAUUSD 1H - Levels

Quick end of day update from KOG.

If you look on the 1H chart you can see the triangle formed and we're wedging towards the end, however, there is also a H&S in play with the neckline acting as support. All MA's on the hourly have converged ready for a breakout, so we have two patterns, one saying sell, one suggesting long!

We have an Excalibur target above here which is around 1960 which also falls in-line with what the triangle is suggesting if it breaks to the upside! This H&S is concerning though, if the neckline breaks to the downside and we see it act as resistance this can drop down towards that lower support to fill the void! With Quad Witching today this is going to be a very difficult trade to get into unless you have a huge SL! We're drawing towards the end of the day and week so will just stay out of this now, we don't want to be stuck in any trades over the weekend with everything else that is going on in the markets.

Support: 1931 / 1920 / 1910 / 1895

Resistance: 1940 / 1944 / 1955 / 1963


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

As always, trade safe. Wishing you all a great weekend.

KOG

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