THE KOG REPORTTHE KOG REPORT
In last week’s KOG Report we wanted higher pricing to short again into the lower targets 2665, 2650 and 2620. Unfortunately, we didn’t get the higher level we wanted, so instead, followed Excalibur and the red boxes not only completing the bias targets in one move, but also then completing numerous bearish targets on the week.
The bias was bearish below, the price, once settled moved well and allowed us to navigate the short trades and the bounce for the longs. Another good week in Camelot, completing a staggering 25 targets, 8 of those on gold alone.
So, what can we expect in the week ahead?
For this week we’re only looking for one move, and that’s for the price to attempt the retracement that is needed and stretching out traders. For that reason, we have the lower level of 2550-55 which if attacked and held during the early session may give traders the opportunity to long back up into the 2565-70 region and above that 2600-05 region initially. That’s the trade that we’re looking for early part of the week but please note, breaking below that 2550 level will give us a better opportunity from the 2530-35 region which is also shown on the chart.
Nice and simple this week, we’ll update as we usually do. Potential for more ranging on Monday so maybe best to let Monday play and then look for a decent set up for Tuesday onwards.
KOG’s bias for the week:
Bearish below 2575 with targets below 2555 and below that 2550
Bullish on break of 2575 with targets above 2595 and above that 2605
RED BOXES:
Break above 2575 for 2585, 2587, 2595 and 2610 in extension
Break below 2560 for 2555, 2551, 2541 and 2535 in extension
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As always, trade safe.
KOG
