XAUUSD - KOG REPORT UPDATE:

2022年10月20日

End of day update from us here at KOG:

Interesting day on the markets, we took a long into resistance and then a short to end the day not only on Gold but decent trades on some JPY pairs as well as EURUSD. Wouldn't expect much end of day now, looks like they want to consolidate in this range unless we break the trend line. We're still bearish with a target below but not ruling out another move to the upside tomorrow.

From Camelot this morning:

XAUUSD 20/10/22 1H

Support: 1624 / 1610 / 1601 / 1595

Resistance: 1630 / 1635 / 1639 / 1641 / 1650 / 1655

KOGs Bias for the day:

Bearish below 1645 with targets below 1624 and below that 1610

Bullish on break of 1646 with targets above 1655 and above 1665

Summary:

As we said, one of these targets was going to complete and bounce, the price needs this rest before it potentially resumes the bearish movement. Therefore, levels above can be targeted with smaller lots, knowing the direction is still down. 1638-40 is a reaction zone and price should stay below 1645 to resume.