XAUUSD 1H - Levels - Daily

Gold has broken out of the consolidation as we expected. What we didn't get however is the pull back we wanted towards the 1770 levels to get a good entry for the long trade. Now we've also broken out of the daily trendline resistance we can expect there to be more bullish momentum tomorrow. Excalibur has been working well for us with most of the targets being hit. We have one above!!

Plan for tomorrow. We can see some support around the 1795 level and resistance around the 1810 level. We're looking for this to exhaust a little and hover around here on close. If it does we will test the short tomorrow but only look for the 1790-95 levels initially. If we find support at 1790-95 levels we'll then test the long trade again targeting higher pricing. This is based on what we're seeing at the moment. IF it changes we will update as usual.

We've been patient with Gold during August waiting for the right opportunity to short it. We still don't think we're there yet!

Please follow the levels on the charts. Next key level above is 1828-30 which is also where we left the double top.

As always, trade safe.

KOG