THE KOG REPORTKOG REPORT
In last weeks KOG Report we said we would be expecting the market to start the week in a range of 2035 resistance and 2018 support. These were the levels we were expecting to enable us to us the red box strategy and scalp the markets level to level, which worked well. We gave the bias level as bullish above 2020 for the week, which, although we had a slight extension to the downside gave opportunities to long the market for the bias target level. We wanted 2030 but managed 2027 from 2018 which was more than enough.
For the week, ideally what we wanted was for price to take the liquidity from the upside and give us the opportunity to short the market into lower levels, forcing us to change our bias. Unfortunately, wasn’t to happen last week, but we still made a success of it with the report.
So, what can we expect in the week ahead?
This week looks like it will be aggressive, so please make sure you have your risk model in place and you’re waiting patiently for the right levels to take entries. We have a lot of news on the calendar as well as NFP and FOMC on the horizon.
So, for this week we have 3 levels in mind as potential RIPs or target levels for price to achieve. The lower support regions of 2010-12 are important, if targets and rejected, we see potential for a bounce here back up into the 2030-35 order region where price may settle pre-event. This level is important to hold price below, as breaking above it will lead to further gains. If however this level holds price, and we see a clean setup, we feel there is an opportunity to short the market from there in hope of breaking through the 2000 level!!
On the flip, if we do break above 2035 with volume, 2045 and in extension 2050 are crucial level for bulls to break, otherwise, potential for a the spike, SL hunt and we'll see the plan complete.
In summary:
Price below 2030, we’ll be looking for lower levels following Excalibur. Price breaks above 2035, we’ll be looking to trade level to level upside, looking for 2045 for a potential RIP. It’s as simple as that this week, buy low if you and sell higher if you can. Don’t let the choppy price action trap you in small ranges where candles look small. Make sure your lot sizes are in accordance to your account size, otherwise you will get into trouble.
KOG’s bias for the week:
Bearish below 2035 with targets below 2010 and below that 1997
Bullish on break of 2035 with targets above 2045 and above that 2050
We’ll update the report through the week as well as hopefully publish the FOMC and NFP KOG report before the releases. 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
