THE KOG REPORTKOG REPORT:
In last week’s KOG Report we mentioned there will be a lot of ranging in the markets towards the end and beginning of 23/24 so to expect sudden bursts of volume. We saw just this last week in the markets across most of the pairs we’re trading. We suggested swing trading the market this time of year wouldn’t be part of our plan, and instead, if they held the levels we would stick with the bias and trade it level to level upside until we had completed our targets. We gave the higher target as 2068 with the bias as bullish above 2010, as you can see price moved well into the target region where as expected in Camelot, we got a reaction in price giving us an opportunity to short the market to end the week.
Another great week in Camelot, not only on Gold but also on the numerous other pairs we trade, analyse and post targets on.
So, what can we expect in the ahead?
We have intraday support now turned resistance sitting above 2060-65 which price may want to target on market open, and if held, an opportunity to short down into the order region could be on the cards. This order region is where we want to monitor price action and look for any Excalibur activations as well as red box confirmation. If supported, we feel an opportunity to long the market back up into the levels of 2070 and above that 2085 (for now) are available for those looking to long the lows. Please note, what we have to be careful of here is the extension of the move which can stretch produce a hunt on those going long down into the 2020-17 region, so let’s expect that for the week ahead.
On the flip, because of the extension of the move and if we get a break and hold below 2030 and then 2020, we’ll be looking to target the 2000-1995 region to close the year and trade it level to level on the downside.
Levels to watch:
Support – 2035 / 2030 / 2022 / 2020 / 2018 Key level
Resistance 2055 / 2060 / 2062 / 2065 key level
KOG’s Bias for the week:
Bullish above 2020 with targets above 2070
Bearish on break of 2020 with targets below 2010
Wishing you all a great Christmas and week ahead, once the markets open.
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As always, trade safe.
KOG
