XAUUSD - KOG REPORT!KOG Report:
In last week’s KOG Report we said we wanted to the price push up in the early part of the week and we would be looking at the resistance levels of 1806-10 and above that the 1825-30 region. These are the levels we suggested opportunities to short the market could be taken from. We said the ideal scenario would be for the price to push up into the resistance levels and we wanted to see a bearish engulfing candle formed to then take us down into the lower support levels as our targets.
As you can see from the chart, we tapped into the higher resistance level, got the bearish engulfing just as planned and got our tap and bounce from the 1785 level. Well done to those who followed and capitalised on the moves and analysis given.
So, what can we expect in the week ahead?
Again, as we’re drawing close to the end of the year, we’re taking our foot off the peddle and will be trading this lighter than usual. We’ll keep the report short but will illustrate the potential move as we usually do. We will stick with the same chart and use the same key levels as we have been for most of this month. The resistance levels are unchanged, however, we have added a new support level of around 1770-73 which could be a potential tap and bounce in the week ahead! For now, we will be looking for the price to stay below that 1806-10 region, and as long as it does we feel there will be an opportunity to short the market from there down into the lower support regions starting at 1785 and below that 1775. Please note, if the price breaks and holds above that 1810 level then it is likely we will see them grab the liquidity from higher, in which case the support regions are there to be bought.
The ideal scenario for us is for this to come down, swoop the low and give us an opportunity to get in on the long trade to carry this up towards the 1830-35 price point where again we feel there is likely to be a reaction in price. This now gives you the overall range for the week which we feel the price can play in along with the levels to look for to take your entries and exits. We’ll be tracking Excalibur and will let that guide us through the markets giving us fine tuned targets across numerous pairs.
Wishing you a successful week ahead.
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As always, trade safe.
KOG
