THE KOG REPORTTHE KOG REPORT
In last week’s KOG Report we said we were on the flip again so would be looking for price to target that 2030-28 level at some point early week before then looking for an opportunity to long the market into the 2040-45 region with extension into 2050. It was this region we said we would ideally want to hold any short trades down if we got the reaction that we wanted, however, during the move into resistance, we suggested traders trade it level to level as the reaction was controlled and exit at the support level. It was here, after taking the move down, then up and scalping it down again, identifying the perfect opportunity to long, we unfortunately put a risk on longs due to the news release on Friday. So although we did well on Gold, we missed the final move up to where we closed, better to be safe than sorry I guess.
So, what can we expect in the week ahead?
This week we would say caution on the markets, they’re extreme and stretched with sentiment also approaching extreme levels. We’re a bit high here to even consider going long in the early sessions, so for that reason, we would suggest looking for the price to target the higher order region and looking for a reaction in price, if there is a confirmed set up, we feel an opportunity to short the market into the 2070 and below that 2065 region are available. It is this support region 2060-65 and below that 2055 that need to be monitored, holding above should allow us to get in on the swing into the higher levels firstly 2095 and them above that 2120!
What we want to see this week is if the order region 2085-80 becomes a support level for gold for the coming weeks. If so, it’s likely we’re to see higher pricing with the higher target levels not a huge distance away. This is something that can only be monitored on the structure and formations of the market when it opens and settles, otherwise we will need to trade the immediate levels and take it how we see it as we usually do.
Simple on this week, on open, look higher for the short trade, if we support below at the intra-day levels, it's a long, if we break, we correct the whole move!
KOG’s bias for the week:
Bullish above 2065 with targets above 2093, 2095 and above that 2120
Bearish on break of 2065 with targets below 2045
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As always, trade safe.
KOG
