THE KOG REPORT
KOG Report:
In last weeks KOG Report we said we would be looking for the higher level of 2015 to be completed. Based on the structure of the chart, we suggested that if we opened with a bearish set up, we would be looking for short trades into the 1990-95 level, and below that that 1975 price point. We then said if support holds below, we would be looking to take this back up to target that 2015 region and potentially above.
During the course of the week we followed KOG’s bias of the day and Excalibur, competing the move down just below 1975 and then taking it back up just short with a Friday high of 2004. Even though the plan worked well, we were very selective with the days and times we wanted to trade Gold, and when we didn't want to touch it.
All in all, a decent week on Gold and the numerous other pairs we trade. However, frustrating for traders with the ranging, FOMC and NFP in the same week and the choppy price action.
So, what can we expect in the week ahead?
For this week we have the a few levels of resistance that we will be keeping an eye on, 2008 and above that 2012-15 again. Support levels below 1980-75 which price needs to stay above, and below that the key levels of 1965 and below that 1955. This gives us a potential range for the week and the price points we will be looking to either short from, or long from.
We’re expecting a bit of a choppy Monday on the markets, so potential for more ranging and whipsawing price action. Our plan for the week is similar to last week, where if the price attempts to target the high, we’ll look for the resistance levels to hold, and based on a clean set up feel an opportunity to short the market back down into the 1980 level initially could be on the horizon. Breaking that level and turning it into resistance will give us more confidence in price attempting lower price points as shown on the chart.
On the flip, if price does continue to the downside from open, we will initially be looking for the break of that 1980 level before attempting any trades. If that level holds price up, an opportunity to long back up into the 2008 and above that 2012-15 price region could be on the cards, before we then see a reaction in price to come back down.
It’s going to be another difficult week on the market’s traders, and we feel there is a curveball on the way, so please don’t think these are your average market conditions. They’re extremely fragile and choppy, your lot sizes, risk management and knowing when to trade, when not to trade them are imperative.
KOGs bias for the week:
Bullish above 1980 with targets above 2008 and above that 2012
Bearish on break of 1980 with targets below 1965 and below that 1955
Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated.
As always, trade safe.
KOG
In last weeks KOG Report we said we would be looking for the higher level of 2015 to be completed. Based on the structure of the chart, we suggested that if we opened with a bearish set up, we would be looking for short trades into the 1990-95 level, and below that that 1975 price point. We then said if support holds below, we would be looking to take this back up to target that 2015 region and potentially above.
During the course of the week we followed KOG’s bias of the day and Excalibur, competing the move down just below 1975 and then taking it back up just short with a Friday high of 2004. Even though the plan worked well, we were very selective with the days and times we wanted to trade Gold, and when we didn't want to touch it.
All in all, a decent week on Gold and the numerous other pairs we trade. However, frustrating for traders with the ranging, FOMC and NFP in the same week and the choppy price action.
So, what can we expect in the week ahead?
For this week we have the a few levels of resistance that we will be keeping an eye on, 2008 and above that 2012-15 again. Support levels below 1980-75 which price needs to stay above, and below that the key levels of 1965 and below that 1955. This gives us a potential range for the week and the price points we will be looking to either short from, or long from.
We’re expecting a bit of a choppy Monday on the markets, so potential for more ranging and whipsawing price action. Our plan for the week is similar to last week, where if the price attempts to target the high, we’ll look for the resistance levels to hold, and based on a clean set up feel an opportunity to short the market back down into the 1980 level initially could be on the horizon. Breaking that level and turning it into resistance will give us more confidence in price attempting lower price points as shown on the chart.
On the flip, if price does continue to the downside from open, we will initially be looking for the break of that 1980 level before attempting any trades. If that level holds price up, an opportunity to long back up into the 2008 and above that 2012-15 price region could be on the cards, before we then see a reaction in price to come back down.
It’s going to be another difficult week on the market’s traders, and we feel there is a curveball on the way, so please don’t think these are your average market conditions. They’re extremely fragile and choppy, your lot sizes, risk management and knowing when to trade, when not to trade them are imperative.
KOGs bias for the week:
Bullish above 1980 with targets above 2008 and above that 2012
Bearish on break of 1980 with targets below 1965 and below that 1955
Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated.
As always, trade safe.
KOG
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🟡 Disclaimer: Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
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