THE KOG REPORT THE KOG REPORT:
In last week’s KOG Report we said we would wait for the 2847-50 level to confirm support, and if it did the opportunity to long the market following KOG’s bias level targets would be available to traders. This worked well during the early part of the week as we managed to complete all targets by Tuesday! Once price confirmed encroaching the resistance we decided not to attempt the swing short, instead, trade the choppy range on the indicators which also worked well for traders.
Pre-NFP we released the KOG Report giving the idea to watch the support level 2910, if given the opportunity to long could be available into the higher levels on the boxes. Although we got the pinpoint long, the move did not complete after a 200pip+ capture, not a bad week at all, not only on Gold but all the other pairs we trade and analyse in Camelot hitting a phenomenal 32 Take profit levels.
Well done again to the community.
So, what can we expect in the week ahead?
It’s a difficult one to decipher this week with the previous weeks range holding into the close on Friday. We have support below at the 2895 with extension into 2885 and resistance at 2930-35 with extension into the 2945 region. We also have the range high and low which you can see on the chart with a slight incline! For that reason, we would suggest best practice for market open is to wait, wait for price to break out of the range with the key levels here being 2920 which needs to break upside to start the move into the 2935 level and above that 2950-55 which is where we may get that potential swing short opportunity from. Please note, here we need to see a daily close above the 2935 region to continue the move upside, ideally, we want to see tap and bounces from these higher levels.
On the flip, if we see resistance at that 2920 level and get a close below our red box support level 2907-10, we can consider the level to level short trades downside targeting the 2885 and potentially below that 2970-75 for now.
As above we'll keep it simple for now, we can’t magic up an idea and hope for the best, when price accumulates like this, we have a fair idea of what it can do, but we need that set up to pull the trigger. Until that comes we can we'll just simply play the range.
You can see from past KOG Reports how extremely powerful the red boxes we share for free are, they almost play price to perfection. So, lets stick with them and let Excalibur lead the way for this week.
KOG’s Bias for the week:
Bullish above 2898 with targets above 2920, 2934 and above that 2945
Bearish on break of 2898 with targets below 2895, 2880, 2874 and below that 2868
RED BOXES:
Break above 2916 for 2920, 2925, 2929, 2933 and 2941 in extension of the move
Break below 2900 for 2885, 2876, 2870 and 2868 in extension of the move
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As always, trade safe.
KOG
