XAUUSD Daily update:

We were expecting Gold to come down towards the 1790-95 level which it has done. We saw this level as a potential level for a move back up, however, Jackson Hole starts tomorrow, so its likely Gold will range here for a while. There is a lower level just below here where we could see a small drop towards which is located around 1785-87. This level is key, the price needs to stay above this level to resume the bullish movement we're expecting.

We would rather this go up first so we can sell it as that wick from a few weeks ago needs to be filled.

The sell is the better trade but entering here would mean a huge stop loss. You would need to be able to stretch to 1830+ if it makes the move.

We've traded Gold long enough to know when to observe it and trade it very lightly, we would advise those following us to do the same. Jackson Hole starts tomorrow so there is likely to be volatility across the markets for the 2 trading days to come, there will also be a conference on Saturday so if you're holding trades over the weekend make sure you have a stop loss and TP placed before market close. You've seen how it can open and move from the get go, so please protect yourselves.

We've added the 4H chart below. Here you can see the trend and the wedge that has formed. We're sitting at the bottom so a break here could entail more selling on Gold, we will need to observe this as the last thing we want to do is get stuck in a FBO.