XAUUSD 1H - Levels

We've had a good week on Gold this week, what we don't want to do now it tempt fate and give back what we've taken pips. This week we've sold it down, bought it up and then sold it again yesterday. Today is a day we will monitor the price action and if we are to take any positions they will be very small lots. As long as the price stays below the 1850-60 level we will remain with our bearish outlook on Gold.

We have two scenarios today for potential movement in gold:

Scenario 1:

If this pulls back towards the 1820-25 level first then its most likely we're looking at the price moving upwards towards the 1840-45+ levels first.

Scenario 2:

If this goes up first towards the 1840-45 levels then its likely it will find some resistance around that level and then pullback in the later in the US session.