THE KOG REPORTTHE KOG REPORT:
In last week’s KOG Report we said we would be looking for a test of that 3250 level, then looking for the short into the target level given. This move played out well giving our traders a great start to the week. We then identified the level we wanted as the bias level, gave the bias as bullish above and the targets to go with it. All targets were completed and we managed to end the week with a mega capture on gold.
So, what can we expect in the week ahead?
Simple one this week. We would like to see how price adapts to the new range, and due to the slight stretch, we would say caution on long trades until we can see a support level confirmed. Our indi’s are suggesting a further move upside, so we would like to see an attack on that 3350-55 level first, which is where we may get a pull back, and then an attempt at higher pricing as shown on the chart.
We want to look to those higher resistance levels as potential short opportunities if visited first. Otherwise, we’ll look lower for the long trade again and as long as the set up presents itself, we’ll test the levels.
Due to news over the weekend and it being a bank holiday weekend, all of the above is subject to change as there are likely to be gaps on market open. Let’s see how it plays out, levels are levels!
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As always, trade safe.
KOG
