XAUUSD - KOG REPORT!
In last week’s KOG report we said we would stick with the plan from the previous KOG Report where we were looking for an undercut low on Gold at some point before taking the long trade up into the higher levels looking for our Excalibur targets to complete. We said we were looking for a good entry to target the 1870, 1875 and above that the 1880-85 levels. The structure on the chart suggested we would get an undercut low from the week prior to last week’s KOG report as well as suggesting a higher high. We said we would be shorting the market level to level with caution but looking for that opportunity to go long into those higher levels. As you can see from last week’s report and charts the market played out nearly exactly as we planned giving traders not only the move down into support but also the move up, completing a point to point, level to level move once again!
The move down and then up gave traders over 500pips banked on Gold alone last week, not to mention the numerous other pairs we traded in Camelot. We will however say, it was a very difficult market to trade with the range they presented in between!
So, what can we expect in the week ahead?
We’re now looking for the price to find some form of exhaustion from the Friday move and attempt a pullback before then going to target the resistance level which is sitting above. We’re not bullish or bearish this week and we’re certainly not confident this is a move on Gold to the ATHs. So, unlike last week where we only gave one plan, this week we will give you two scenario’s to consider when trading the early part of the week. Please remember we have FOMC this week so there’s every chance we will see a settled market playing within a range for the early part of the week.
Scenario 1:
On open, we see the price push up towards that 1878-85 level and find resistance. Based on this resistance we feel this would be an opportunity to short the market down into the 1860 and 1855 levels where we’re hoping the price will find support. Support here and its likely we will see the price again attempt to target the high and potentially test the 1900 level! Breaking 1850 and closing below it will negate this scenario.
Scenario 2:
We see the price push down in the early sessions, we will be looking for support around the 1860, 1855 levels to hold and then once confirmed feel confident this region would represent an opportunity to then go long to target the higher price levels of 1880, 1885 and above the 1890. Again, breaking below the 1850 level will negate this scenario.
In summary:
We can see this targeting higher levels but we’re still bearish on Gold overall. At the moment above 1850 we’ll look higher but ultimately, we’re anticipating a strong turn at some point for Gold to come and complete our lower targets.
Hope this helps in preparation for the week ahead, we will update you as we go along as we usually do. 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
The move down and then up gave traders over 500pips banked on Gold alone last week, not to mention the numerous other pairs we traded in Camelot. We will however say, it was a very difficult market to trade with the range they presented in between!
So, what can we expect in the week ahead?
We’re now looking for the price to find some form of exhaustion from the Friday move and attempt a pullback before then going to target the resistance level which is sitting above. We’re not bullish or bearish this week and we’re certainly not confident this is a move on Gold to the ATHs. So, unlike last week where we only gave one plan, this week we will give you two scenario’s to consider when trading the early part of the week. Please remember we have FOMC this week so there’s every chance we will see a settled market playing within a range for the early part of the week.
Scenario 1:
On open, we see the price push up towards that 1878-85 level and find resistance. Based on this resistance we feel this would be an opportunity to short the market down into the 1860 and 1855 levels where we’re hoping the price will find support. Support here and its likely we will see the price again attempt to target the high and potentially test the 1900 level! Breaking 1850 and closing below it will negate this scenario.
Scenario 2:
We see the price push down in the early sessions, we will be looking for support around the 1860, 1855 levels to hold and then once confirmed feel confident this region would represent an opportunity to then go long to target the higher price levels of 1880, 1885 and above the 1890. Again, breaking below the 1850 level will negate this scenario.
In summary:
We can see this targeting higher levels but we’re still bearish on Gold overall. At the moment above 1850 we’ll look higher but ultimately, we’re anticipating a strong turn at some point for Gold to come and complete our lower targets.
Hope this helps in preparation for the week ahead, we will update you as we go along as we usually do. 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
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🟡 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.
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