THE KOG REPORT THE KOG REPORT:
In last week’s KOG Report we said we would be looking for price to start with an incline into the lower support regions in order to give us another long opportunity into the target level 2902 initially, which was our Excalibur target. Gold however had another plan and started the move from the open, this allowed us to trade on the red boxes and trade the move upside surpassing the target level into the highs that we witnessed last week.
During the week, we update our traders with the path upside and suggested looking for the short trade from the Red box active level, which worked perfectly giving the move downside that we saw on Friday.
It was a fantastic week in Camelot, not only completing 8 Gold targets on Excalibur, but also all the bias level and red box targets. Not to mention the targets completed on all the other pairs we share and analyse. Well done to the traders who followed!
So, what can we expect in the week ahead?
This week we’re looking for price to potentially give us further opportunities to short, however, we have a key level above of 2910! Support on the intra-day stands at 2870-65, which if targeted early session could give buyers the confidence they need to take that long into the 2890-5 region and above that 2904. There is an extension of the move into the 2910 region, but anywhere between the 2904-10 region are the levels we want to monitor for RIPs, and if they present themselves, the opportunity to take that swing short may be there again.
The key order region (liquidity pool) is sitting below at 2850-55 which is a decent level for price to attempt, but this region needs to be broken to go lower! If broken, we won’t be looking to go long again until we’re closer to lower 2800’s, so please trade with caution this week.
We do have higher targets on Gold, but, there needs to be a correction and if this is it, we’ll make sure to take advantage of it just like we have done for years, up, down, where ever it goes, we’ll trade it with our trusted pal Excalibur, the EA and our Red box indicators.
Not much more to say, low volume news this week, Monday could be a ranging day so expect choppy and whipsawing price action.
KOG’s bias for the week:
Bullish above 2865 with targets above 2885, 2895, 2902 and above that 2910
Bearish on break of 2865 with targets below 2855, 2850, 2843, 2835 and below that 2828
RED BOXES:
Break above 2885 for 2888, 2902, 2910 and 2913 in extension of the move
Break below 2875 for 2870, 2865, 2857, 2855 and 2850 in extension of the move
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As always, trade safe.
KOG
