XAUUSD - KOG REPORT!

In last weeks KOG Report we suggested we would remain bearish and would like to see a challenge on the 1795-97 price region during the early sessions of the week, and as long as the 1777 level held as support we would taking longs to target that level. We saw the price come down towards the 1772 level which gave a good opportunity to long the market towards the said level. The price stopped just short of the 1795 level hitting 1793 and gave a good opportunity to short the market back down into lower support. Thats the best we got for the week as we faced an tight ranging market which only really gave opportunities to those who were scalping from support and resistance levels.

So what can we expect in the week ahead?

To start with we still have our higher targets of 1795-7, 1804-7 and above that 1814-17. For this reason we again will be looking for support at the lower regions of 1777-5, 1770-68 and below that 1750-55 (lowest support, be careful if it breaks this level) to hold to test the long trades towards the higher levels. We would expect there to be some more ranging price action as we have the FOMC meeting on Wednesday which is what we feel the market is waiting for. We will remain with our bearish bias on this with our first lower target being the 1735 level which we want to try and get a good entry for.

So this is what we would ideally like to happen during the course of this week. The market goes down towards the lower support levels to retrace some of the movement we saw on Friday, once it finds support we would like to go long and target the higher levels where we will be waiting patiently to short the market again towards the lower levels.

If however, we see bullish pressure in the early session of the week we will be looking for the higher levels where if we face a good resistance we will take our short positions targeting the lower levels. There are a lot of traders bullish on Gold at the moment so we would expect there to be more ranging with the added spikes up and down to try and catch traders out and then the move to take place just before or during FOMC. For that reason we would suggest trading it smaller than usual and sticking to your risk strategy. Use the support and resistance levels for short term targets, entries and exits.

We've added or monthly chart below for you to use as reference, this is our preferred bearish route for the months ahead as long as the price stays below the monthly supply of 1830-35

We've also added the weekly chart we have published in previous KOG Reports to show the the structure and the progress of the moves we are seeing. You can see on this chart there is a possibility for the price to target that 1830-35 level at some point.

The support and resistance levels haven’t changed from last week so please use the same ones we published on last weeks KOG Report.

As always, trade safe.

KOG

KnightsofGold

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XAUUSD - KOG REPORT!

by KnightsofGold

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