Knights of Gold (Gold/FOREX Analysis/Trade ideas)

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New indicator in action....

BOOM!

Update: Right now on the intra-day you'll see we're coiling with MA's being drawn together which is usually the sign of a breakout on it's way. We have lower support at 5065 and resistance at the 5004 level. We're in a potential formation where price can break one way, give us a false signal, then break the other way. This type of scenario requires caution as the movement in between is usually the market trapping retail traders, taking stops, then getting them stuck in the wrong direction and then making a big move. Best practice, if you're not sure what is going on, stay out of it. Let them start the move, break, retest. Once the retest fails, then you will have clearer direction. They're not letting you hold without huge stop losses so until it changes structure, it's level to level for us.

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5160-65 was the level!

Protected and managed

TP1 HIT

No news today on the economic calendar so there is potential for ranging and choppy price action. We had a lower hot spot and support level aligned which has given us a push upside, but only into the hot spot above. We have resistance 5185 key level now which needs to break, while support below at the 5160-55 level is crucial for bulls to defend. Our indicators are suggesting caution and we have a cross over on silver, which is a little concerning. Level to level at the moment, I would like to see how that lower support level is treated

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Well done all, time to call it a day. See you later for the KOG Report update.