THE KOG REPORT - UpdateEnd of day update from us here at KOG:
What a week on the markets! Gold playing ball giving us the move we wanted for the tariff news, then the short presented itself, we issued KOG's bias of the day and the bearish targets, and wow, all completed!
In Camelot we gave the idea yesterday and planned where we wanted to go up to for the longs, where we wanted to short from and then where we wanted to buy from again. Not to the pip how we like it, but it worked extremely well!
So what now?
We have NFP looming, liquidity has been swept and we're back up above 3100. Due to NFP, we can expect price to want to attempt to stay close to the MA's on the hourly so a break of 3110 should take us up into the 3125-35 as long as the 3095 level holds up price!
From Camelot this morning:
Support: 3124 / 3120 / 3116 / 3110 / 3106 / 3098 / 3095
Resistance: 3130 / 3135 / 3137 / 3145 / 3147 / 3150 / 3155
Price: 3129
KOG’s Bias of the day:
Bearish below 3134 with targets below 3110✅ and 3103✅
Bullish on break of 3134 with target above 3145 and 3150
RED BOXES:
Break above 3135 for 3140, 3145, 3155 and 3161 in extension of the move
Break below 3120 for 3110✅, 3106✅, 3097✅ and 3085✅ in extension of the move
Summary:
Due to NFP tomorrow we’re likely to continue with this ranging and choppy price action with resistance above at key level 3540 now which will need to break to go higher. Support 3125 should be tested again, with that 3110 level again the key level! This time however, if tested we may break below, so I would say I’m playing caution on longs at the moment.
As always, trade safe.
KOG