THE KOG REPORT
KOG REPORT:
In last week’s KOG Report we said we said the correction in gold was likely going to be profit taking and we were not ready to suggest it’s bearish as yet. We suggested that resistance may hold during the early part of the week and if it did, we felt the opportunity to short the market back down into 2330-35 and below that 2310-2295 would be available. We said these are the levels we wanted to see the RIPs, and would represent opportunities to long the market back up in to the levels we had given, and for us into Excalibur targets sitting higher. As you can see, apart from the extension of the move into 2310, we got our move again upside giving us another phenomenal week on Gold in Camelot.
Towards the end of the week, we gave traders the higher levels in which to look for the short trades, and again, perfect level to level trading implemented giving us the move down, then in Camelot, 2375 held for us to take it up again closing of the week. Great work by the team not only on Gold, but the numerous other pairs we trade.
So, what can we expect in the week ahead?
We wanted to see if they could close this above the 2400 level which failed on Friday, so even though we’ve been saying it for a couple of weeks, we’re going to play caution again on long trades unless we get a really significant pullback on Gold. We have the resistance level 2395-2404 which is holding the price down at the moment with support 2375 giving us the bias bullish above. However, for this week, we’re expecting them to attempt to break that high at some point and rather than taking long trades into the higher levels, we’ll be looking to capture another decent short trade from higher up.
So, on open if we see support hold, traders could be presented with the opportunity to level to level long up into the 2404, 2410 and above that 2414-20 regions. We would suggest it is level to level with trades protected as soon as is viable and partials taken along the way. It may also be an idea to leave small runners with an open TP into the extension level 2340-55 which we’re identifying this week as an order region. It’s these levels where we’ll be looking for RIPs based on the set up if it is presented to short the market back down, with the view that we have potential to break below the 2375 price point.
Please note, breaking and holding above 2404-6 is needed for us to target those higher levels.
On the flip, although structure looks like we’re going higher, this range is confusing traders, not only getting them stuck mid-way but also whipsawing them into cutting and taking their stops. There is a small indication of a move down, but it’s not as significant as we would like at the moment, so we will say, if they do push this down, 2370-75 is the key support level which will need to break for us to go lower.
KOG’s bias for the week:
Bullish above 2370-5 with targets above 2404 and above that 2414
Bearish on break of 2370 with targets below 2355 and below that 2342
It's a simple on this week, caution is needed on the markets, so many traders are treating this like we’re in normal everyday market conditions as they haven’t experienced anything else. These are extreme market conditions, your lot sizes and your money management are imperative to maintaining your account and helping it to grow. There are numerous posts on trading the range, how to use levels, as well as a trading strategy that we’ve posted previously, please use these to help guide you through these markets.
We’ll update the report throughout the week as well as share KOG’s daily bias and levels, please keep a look out for them, they have proven to be extremely successful in guiding traders and keeping them in the right direction.
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 said the correction in gold was likely going to be profit taking and we were not ready to suggest it’s bearish as yet. We suggested that resistance may hold during the early part of the week and if it did, we felt the opportunity to short the market back down into 2330-35 and below that 2310-2295 would be available. We said these are the levels we wanted to see the RIPs, and would represent opportunities to long the market back up in to the levels we had given, and for us into Excalibur targets sitting higher. As you can see, apart from the extension of the move into 2310, we got our move again upside giving us another phenomenal week on Gold in Camelot.
Towards the end of the week, we gave traders the higher levels in which to look for the short trades, and again, perfect level to level trading implemented giving us the move down, then in Camelot, 2375 held for us to take it up again closing of the week. Great work by the team not only on Gold, but the numerous other pairs we trade.
So, what can we expect in the week ahead?
We wanted to see if they could close this above the 2400 level which failed on Friday, so even though we’ve been saying it for a couple of weeks, we’re going to play caution again on long trades unless we get a really significant pullback on Gold. We have the resistance level 2395-2404 which is holding the price down at the moment with support 2375 giving us the bias bullish above. However, for this week, we’re expecting them to attempt to break that high at some point and rather than taking long trades into the higher levels, we’ll be looking to capture another decent short trade from higher up.
So, on open if we see support hold, traders could be presented with the opportunity to level to level long up into the 2404, 2410 and above that 2414-20 regions. We would suggest it is level to level with trades protected as soon as is viable and partials taken along the way. It may also be an idea to leave small runners with an open TP into the extension level 2340-55 which we’re identifying this week as an order region. It’s these levels where we’ll be looking for RIPs based on the set up if it is presented to short the market back down, with the view that we have potential to break below the 2375 price point.
Please note, breaking and holding above 2404-6 is needed for us to target those higher levels.
On the flip, although structure looks like we’re going higher, this range is confusing traders, not only getting them stuck mid-way but also whipsawing them into cutting and taking their stops. There is a small indication of a move down, but it’s not as significant as we would like at the moment, so we will say, if they do push this down, 2370-75 is the key support level which will need to break for us to go lower.
KOG’s bias for the week:
Bullish above 2370-5 with targets above 2404 and above that 2414
Bearish on break of 2370 with targets below 2355 and below that 2342
It's a simple on this week, caution is needed on the markets, so many traders are treating this like we’re in normal everyday market conditions as they haven’t experienced anything else. These are extreme market conditions, your lot sizes and your money management are imperative to maintaining your account and helping it to grow. There are numerous posts on trading the range, how to use levels, as well as a trading strategy that we’ve posted previously, please use these to help guide you through these markets.
We’ll update the report throughout the week as well as share KOG’s daily bias and levels, please keep a look out for them, they have proven to be extremely successful in guiding traders and keeping them in the right direction.
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
🔵 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.
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