THE KOG REPORTTHE KOG REPORT
In last week’s KOG Report we said for the first half of the week we will be looking for the price to attempt the low-level support 2625-30 to complete the move from the week before which we achieved. We wanted this level to give us the bounce upside for the long, which was almost to the pip, hitting our target upside for another short completing the bearish targets.
We then updated traders with the long trade before NFP which we traded level to level until we released the NFP KOG Report on Friday. For this report we gave the levels of interest and our plan, and although we didn’t manage to capture the exact level for the long, some traders managed to get in on the move hitting the target on the nose. It’s at that red box level we then shorted again to close the week.
What a week in Camelot, not only a point to point moves across the week on Gold but we completed a whopping 22 targets across the other pairs we trade and analyse.
Well done to the community and traders.
So, what can we expect in the week ahead?
For this week we have the key levels above 2700 and above that 2710, which could be possible targets for bulls to attempt during the course of the week. Below, we have the key levels of 2665 and the key level 2650-55 which will be this week’s bullish above bias level. Ideally, on open we want to see a brief test of that high, if rejected we would like to see this come back down to complete the move downside from Fridays’ NFP. It’s these lower levels that need to be monitored, the 2665 region which is where if we want to go up, we don’t want to see a break below and below that, then the extension of the move into the 2645-50 region.
We’re a little too high to attempt the long and we’re also holding protected shorts from above, so a progressive move down would suit before then finding a base to attempt that long unless Excalibur says otherwise.
At present, we can not get to carried away with the long-term direction, a visit into 2700 with a strong break above 2720 is needed for this to continue the move upside, while a break below the 2640-45 region is needed for this to confirm the move further downside. It’s still possible we continue this range until a further breakout so for that reason we’ll play it intra-day for now following our trusted algo and additional tools we have in place.
KOG’s Bias for the week:
Bullish above 2650 with targets above 2700, 2706 and above that 2716
Bearish on break of 2650 with targets below 2640 and below that 2635
RED BOXES:
Break above 2690 for 2700, 2703, 2706, 2710 and 2724 in extension of the move
Break below 2680 for 2667, 2665, 2655 and 2640 in extension of the move
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As always, trade safe.
KOG
