XAUUSD - KOG REPORT!
In last weeks KOG Report we suggested we would stay bearish on the market as long as the price stayed below the 1824-7 price level but we would be trading with our 1833 KOG target in mind. We said we would be looking at another attempt on the lows and that 1812-08 region support could be an opportunity to then take the long to target the higher resistance levels. We suggested we would like to test the short trade from the resistance levels but due to the change in structure we updated during the week that we would be targeting higher levels instead. This bullish move also completed our 1833 KOG target which we had been looking at for the last few weeks in our KOG reports.
So what can we expect in the week ahead?
We’ll start by saying, yes, we’re still playing bearish on this only taking long trades into the resistance levels. Until we break and hold above that 1855-65 price region we will remain with this view. The benefit of level to level trading is you can target both long and short trades with your bias being on getting the right entry to hold for your direction, which in our case is short. We are however expecting more bullish movement on Gold this week potentially targeting that higher resistance level which we had stated and planned for on our post about “Trading the Range”. Please read this report is you haven’t already as we have updated it last week. We’re hoping for the price to use the lower support regions as a base to settle before a push up during the week into the higher resistance levels of 1845, 1855-60. We have a KOG target both above and below, so we’re hoping the higher on gets completed first and then the price declines to target the lower one.
Our plan for the week:
We will be looking for a potential test on the 1840-45 resistance level during the early sessions where we feel the price may face resistance. Depending on this level holding we may test the short trade but only into the immediate support levels below of 1835, 1830 and below that 1827. The 1827-24 price region is where we’re hoping the price will find support which if it holds, we want to test the long trade for that higher price level of 1845, 1850-55 and above that 1860. These higher resistance levels are where we will be waiting to take our positions for the short trades back down in to the lower support levels that start at 1810 and below.
That higher region of resistance is the last opportunity for bears to hold their ground and we feel that is where they’re waiting for the bulls to take the price. Breaking above that higher level with change our stance on Gold and we will turn bullish on this. Until then we’ll be in and out level to level making the most of the range.
We have FOMC this week so please trade carefully, unless this gets priced in which is very possible there is going to be a lot of choppy price action and aggressive swings in the markets this week.
We will update you with our plans and analysis throughout the week as we have been. Wishing you a successful weeks trading ahead.
As always, trade safe.
KOG
So what can we expect in the week ahead?
We’ll start by saying, yes, we’re still playing bearish on this only taking long trades into the resistance levels. Until we break and hold above that 1855-65 price region we will remain with this view. The benefit of level to level trading is you can target both long and short trades with your bias being on getting the right entry to hold for your direction, which in our case is short. We are however expecting more bullish movement on Gold this week potentially targeting that higher resistance level which we had stated and planned for on our post about “Trading the Range”. Please read this report is you haven’t already as we have updated it last week. We’re hoping for the price to use the lower support regions as a base to settle before a push up during the week into the higher resistance levels of 1845, 1855-60. We have a KOG target both above and below, so we’re hoping the higher on gets completed first and then the price declines to target the lower one.
Our plan for the week:
We will be looking for a potential test on the 1840-45 resistance level during the early sessions where we feel the price may face resistance. Depending on this level holding we may test the short trade but only into the immediate support levels below of 1835, 1830 and below that 1827. The 1827-24 price region is where we’re hoping the price will find support which if it holds, we want to test the long trade for that higher price level of 1845, 1850-55 and above that 1860. These higher resistance levels are where we will be waiting to take our positions for the short trades back down in to the lower support levels that start at 1810 and below.
That higher region of resistance is the last opportunity for bears to hold their ground and we feel that is where they’re waiting for the bulls to take the price. Breaking above that higher level with change our stance on Gold and we will turn bullish on this. Until then we’ll be in and out level to level making the most of the range.
We have FOMC this week so please trade carefully, unless this gets priced in which is very possible there is going to be a lot of choppy price action and aggressive swings in the markets this week.
We will update you with our plans and analysis throughout the week as we have been. Wishing you a successful weeks trading ahead.
As always, trade safe.
KOG
🔵 FREE TELEGRAM CHANNEL: t.me/KnightsofGold
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: instagram.com/knights_of_gold/
🟡 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.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.