XAUUSD - KOG REPORT! Monthly Chart

18 may 2022

Monthly:

Now lets quickly look at the monthly timeframe and the previous fractal which again is sitting at the 2011/12 area. Here we can clearly see the price attempting to breach the trendline but hovering just above the order block which is situated between the 1815-1835 price point. If we are to apply this to present day on the daily chart we can see how that order block is rejecting the price from below around the 1810 region and also rejecting it from above around the 1835 price point. Again, this makes this chart very important as breaking this level below on the monthly time frame can lead to greater declines in Gold. The range on the monthly is highlighted as 1684 as the low and 1912 as the high. The 1912 price point is also the swing high which the market can do and still create a lower high on the structure. Looking at this chart, if we want to see Gold decline to the 1500s we need to see it break that 1667 level and close below it.

On the left of the chart we have plotted the fractal again so you can see that if the market repeats price action what the result can be. We have also plotted the trendline from below which is the long term running trendline and would still suggest we are in an uptrend.

In summary:

We’re at a crucial point here in Gold. These structures are clean but you can see what they’re doing. They’ve brought it down to a price point where they’re giving now clues at the moment whether this is going up or going to continue further down. The levels and targets we have are immediate intraday levels with one at the extreme high and one at the extreme low. Long term, we are waiting to play this range or for the market to confirm the direction. Until then, its level to level on the intraday charts following our tried and tested Excalibur.

As always, trade safe.

KOG