THE KOG REPORT THE KOG REPORT:
In last week’s KOG Report we said it would be a difficult one to decipher so we suggested traders wait for the break, trade into the levels given and then look for the RIPs. This worked particularly well for us giving us the move into the lower level as analysed on the break, using the red boxes for direction and then giving us the tap and bounce that we wanted to take the long trades back up into the new all time highs we witnessed towards the end of the week.
We managed to compete all of our bias level targets, getting a pin-point move from KOG’s bias and on top of that completing Excalibur targets and the red box targets. Not a bad week at all on Gold.
So, what can we expect in the week ahead?
For this week we’ll be looking for a retracement on the move, however, we are not discounting a curveball move from immediate support to clear liquidity from above. We have the resistance level above 2990 and lower support 2980 which could be the play for the opening. If we break above 2995, we’ll be looking for price to attempt that 3010 and above that 3020 region before attempting to short it again.
On the flip, if we do reject that higher level and can break below 2980, we’ll stick with the plan from last week where we’re looking to continue the retracement back down first into the 2965 level and below that 2950-55. If you look on the chart, we have highlighted a lower level which is sitting around 2935-20, an aggressive move downside can take us there on the manipulation move, so please trade with caution this week and keep an eye on the levels.
KOG’s bias for the week:
Bearish below 2995 with targets below 2970, 2965, 2955 and below that 2950
Bullish on break of 2995 with targets above 3003, 3006, 3010, 3016 and above that 3020
RED BOXES:
Break above 2995 for 2997, 3003, 3009, 3016 and 3021 in extension of the move
Break below 2980 for 2975, 2971, 2965, 2959, 2955 and 2945 in extension of the move
Short and simple this week, let’s see how the week plays out and remember, your risk model is there to protect you, use it, keep your losers small and your winners big!
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As always, trade safe.
KOG
