THE KOG REPORTKOG REPORT:
In last week’s KOG Report we said we would stick with the same bias, bearish below and would be looking for price to attempt the order region 2035-8. This is the level we wanted to see a reaction in price, which as you can see didn’t come. Instead, we got the flip and managed to trade down completing numerous Gold targets. Once price reached that lower support level, we switched again, looking for the long trades back up towards the 2016, 2022 and above that 2030 level, which was again achieved and where we suggested traders take the exit, or at least protect and take a majority of the trade.
A great week on the markets again, not only on gold but the numerous other pairs we trade.
So, what can we expect in the week ahead?
For this week we’re going to play caution, please read the report carefully as the plan is detailed! We would like to see how the market opens and let the Asia session play out at least. What we’re expecting here in the early sessions is potential ranging playing between the 2030-35 resistance level and the 2018-22 support level. Both these levels are important and will need to break to determine the next move!
So, if we open and find resistance at the 2035 and above that 2043-5 region, based upon a confirmed set up, we feel an opportunity to short the market level to level is available into the 2020-22 region to play it safe. Now, if we support here and get a nice set up, we feel this level represents an opportunity to attempt the long swing trade back up towards the 2050 level and above that potentially 2070 in extension of the move before again, if not broken above we’ll look to swing short for the lower levels.
On the flip, if we break below 2020-18, we will be looking to trade this level to level downside in attempt to break the 2000 level and will be looking to take a larger position long from lower down.
As we usually do, we will update the plan and share KOG’s bias of the day for traders to keep up to date.
KOG’s bias for the week:
Bullish above 2020 with targets above 2050 and above that 2070
Bearish on break of 2020 with targets below 2005 and below that 1990
Key levels to watch:
Support – 2022 / 2020 / 2018
Resistance – 2035 / 2043 / 2046 / 2050
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As always, trade safe.
KOG
