THE KOG REPORT:
In last week’s KOG Report we said we would be looking for the price to attempt the higher resistance level shown on the chart which was slightly higher than the red box. We wanted this level to reject price and give us the move down into the level which was shown on the chart. As you can see this move worked from the open, respecting the red box active level instead and completing all the bias level bearish targets in one swoop after the break.
We then updated the KOG Report with the move we wanted in order to then long into immediate resistance to again test the short trade, which again worked while we suggested traders look for the lower red box levels to attempt the long trades.
There was slight stretch again downside, but those red boxes played their part giving us the move on confirmation for the longs towards the end of the week, ending the week on a high.
It was a difficult week to trade with aggressive movement across the markets, however, the levels are reacting well and although there is a stretch on price, we’re getting the movement we want.
So, what can we expect in the week ahead?
We have key level now on the daily also aligning with the EMA50 at 3162 on the daily chart, while that 4H shows us a possible reversal on the flip. For this reason we have given the immediate red box levels of 3225-30 resistance and 3190-85 support. We have also plotted the potential range of play for the early part of the week, where we feel price may stabilise until a further move.
We’re looking for two possible moves here, one in order to continue to short and then look for the longer trade lower down, or, a break of the red box and bias level into higher resistance upon which we’ll trade level to level and then look higher for a potential short again. The bias level for this week has a huge extension of the move so it will be tradeable both directions. We have applied filters to the algo which is under test so we’ll also want to see if that works in our favour.
So, for now, support below can give us the move into the 3225-30 region which is the level to watch for the break, if rejected there may be an opportunity to short but that short must break below the 3185 level to continue and complete the move downside into the 3150-55 and below that 3130 levels. That’s where we feel the opportunity to long for the swing may come from but please remember, it’s changed structure until we break and hold above the 3265 level. That will be this week’s key level.
KOG’s bias of the week:
Bearish below 3235 with targets below 3196, 3185, 3177, 3165 and 3155
Bullish on break of 3230 with targets above 3242, 3250, 3255 and 3262
RED BOXES:
Break above 3210 for 3118, 3220, 3225, 3230, 3235 and 3247 in extension of the move
Break below 3195 for 3187, 3179, 3165, 3155, 3150 and 3137 in extension of the move
Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated.
As always, trade safe.
KOG
In last week’s KOG Report we said we would be looking for the price to attempt the higher resistance level shown on the chart which was slightly higher than the red box. We wanted this level to reject price and give us the move down into the level which was shown on the chart. As you can see this move worked from the open, respecting the red box active level instead and completing all the bias level bearish targets in one swoop after the break.
We then updated the KOG Report with the move we wanted in order to then long into immediate resistance to again test the short trade, which again worked while we suggested traders look for the lower red box levels to attempt the long trades.
There was slight stretch again downside, but those red boxes played their part giving us the move on confirmation for the longs towards the end of the week, ending the week on a high.
It was a difficult week to trade with aggressive movement across the markets, however, the levels are reacting well and although there is a stretch on price, we’re getting the movement we want.
So, what can we expect in the week ahead?
We have key level now on the daily also aligning with the EMA50 at 3162 on the daily chart, while that 4H shows us a possible reversal on the flip. For this reason we have given the immediate red box levels of 3225-30 resistance and 3190-85 support. We have also plotted the potential range of play for the early part of the week, where we feel price may stabilise until a further move.
We’re looking for two possible moves here, one in order to continue to short and then look for the longer trade lower down, or, a break of the red box and bias level into higher resistance upon which we’ll trade level to level and then look higher for a potential short again. The bias level for this week has a huge extension of the move so it will be tradeable both directions. We have applied filters to the algo which is under test so we’ll also want to see if that works in our favour.
So, for now, support below can give us the move into the 3225-30 region which is the level to watch for the break, if rejected there may be an opportunity to short but that short must break below the 3185 level to continue and complete the move downside into the 3150-55 and below that 3130 levels. That’s where we feel the opportunity to long for the swing may come from but please remember, it’s changed structure until we break and hold above the 3265 level. That will be this week’s key level.
KOG’s bias of the week:
Bearish below 3235 with targets below 3196, 3185, 3177, 3165 and 3155
Bullish on break of 3230 with targets above 3242, 3250, 3255 and 3262
RED BOXES:
Break above 3210 for 3118, 3220, 3225, 3230, 3235 and 3247 in extension of the move
Break below 3195 for 3187, 3179, 3165, 3155, 3150 and 3137 in extension of the move
Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated.
As always, trade safe.
KOG
Trade active
No break downside on the red boxes so price continues the push up tapping red box resistance. Support now 3235 with resistance 3250-55. 
🔵 FREE TELEGRAM CHANNEL: t.me/KnightsofGold
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🔵 FREE TELEGRAM CHANNEL: t.me/KnightsofGold
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.