THE KOG REPORT - The week ahead for GOLDTHE KOG REPORT
In last week’s KOG Report we said we would be looking for the price to retest the new highs created, and as long as the price wasn’t beaten, we would be looking to short the market back down into the 2165 levels and below that 2150. As you can see, we have another point to point move, with a low set in at 2150 for the week, giving the perfect short. We had planned the levels to go long in the KOG Report, and during the week we said we would stick with our plans to long the market from the level shown on the chart, which again gave us a tremendous pip capture into the resistance level.
A fantastic week on Gold, with Excalibur playing it’s part as well KOG’s levels and bias for the day and week completing. Not only on Gold, but the numerous other pairs we analyse, share and trade.
So, what can we expect in the week ahead?
This week is an important week on the markets with lots of news the later part of the week, mainly the big one on Wednesday being FOMC. We could see an aggressive start to the week with price again wanting for establish a baseline pre-event, so we’ll be looking for spikes in either direction until we settle. To start the week we have a support level below 2145-7 which if attacked and supported could give an opportunity to long the market back up towards the levels of 2165-7 which ideally what we want to see. Now, this price point is important, as an extension of the move can lead into the 2170-75 region, but we must stay below this level if bears want to again attack the lower levels again. So, for that reason, it’s this level that we will potentially want to see a short opportunity develop back down into the 2150 level and below that 2145. We'll access price action if we get to these levels.
For this week we’re giving the range of 2210 resistance and 2135 support, which is huge and price definitely has potential to play it. There is an order region 2172-2152 which is where we could see accumulation pre-event, so please be mindful of this and try not to get caught trading mid-range.
Please note, price breaking above that 2175 level and holding will result in that 2210 region being attempted and price breaking below 2145 will see us getting a deeper pullback into the 2110-15 region before another RIP in the making!
KOG’s bias for the week:
Bearish below 2175 with targets below 2150 and below that 2145
Bullish on break of 2175 with targets above 2195 and above that 2210
The market will always give you opportunities, either to get in, get out, or to manage your trades, so please make sure your money and risk management is up to scratch if you’re trading these markets.
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As always, trade safe.
KOG
