THE KOG REPORT THE KOG REPORT:
In last week’s KOG Report we said we would be looking for the price to spike down into potentially the extension level 3310 and then give us the tap and bounce we wanted to be able to capture the long trade in to the 3345-50 region initially. It was those higher resistance levels that we said we would stick with and the bias was bearish below. This move resulted in a decent long trade upside into the region we wanted, and then the decline we witnessed mid-week completing all of our bearish target levels which were shared with everyone.
On top of that, we got the bounce we wanted for the long trade but only back up into the 3335 level which was an Excalibur active target. The rest, we just sat and watched on Friday as unless we were already in the move, the only thing we could have done is get in with the volume, which isn’t a great idea with the limited pull backs.
All in all, a great week in Camelot not only on Gold, but also the other pairs we trade with the DAX swing trade being a point to point swing move executed with precision by the team.
So, what can we expect in the week ahead?
We’ll keep it simple again this week but will say this, there seems we may see a curveball on the way this week. With tariff news over the weekend we may see price open across the markets with gaps, one thing we will say is if you see these gaps, don’t gap chase until you see a clean reversal!
We have the higher level here of 3375-85 resistance and lower support here 3350-45. If support holds on open we may see that push upside into the red box which is the one that needs to be monitored. Failure to breach can result in a correction all the way back down into the 3335 level initially. Again, this lower support level is the key level for this week and needs to be monitored for a breach which should then result in a completed correction of the move.
Our volume indicators are suggesting a higher high can take place here and if we do get a clean reversal we should see this pull back deeply. As usual we will follow the strategy that has been taught and let Excalibur guide the way.
KOG’s bias for the week:
Bullish above 3350 with targets above 3360, 3373, 3375 and 3383 for now
Bearish below 3350 with targets below 3340, 3335, 3329, 3320 and 3310 for now
RED BOX TARGETS:
Break above 3365 for 3372, 3375, 3382, 3390 and 3406 in extension of the move
Break below 3350 for 3340, 3335, 3329, 3322 and 3310 in extension of the move
It’s a HUGE RANGE this week so play caution, wait for the right set ups, don’t treat it like it’s your every day market condition. News from Tuesday so expect Monday to be choppy!
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As always, trade safe.
KOG
