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XAUUSD - KOG REPORT!KOG Report: In last weeks KOG Report we suggested we were expecting some bearish movement on Gold as there was a lot of supply below that we thought the market would need a visit. We did say due to the news we would need to keep the bullish momentum in mind, and if the price found support around the 1885 level we would be looking to long the market into the 1914 and above that 1930-35 levels. We expected a reaction at the 1935 level where we wanted to test the short, however, based on the market structure and the daily KOG updates we decided to sit out with shorting the market to let the bullish move play out. We then identified our target area on the NFP report where the first target has been hit, but we still have a target slightly higher that we would like to see achieved. So what can we expect in the week ahead? We’re going to keep it short this week and stick with the NFP chart we shared on Friday. What we’re looking during the course of this week is for our 1980-85 target that we mentioned a few weeks ago to be completed at some point and then for the price to attempt some form of bearish retracement into the first target of 1950, 1935 and below that 1920 initially. A break of 1920 and its likely we will see our lower target of 1885 completed. All charts are extremely bullish with the 3 month chart showing a trend that can complete around the 2085 level which we have to keep in mind. There is a lot of news still driving the market aggressively into these levels which is making if difficult for position traders to hold long term unless they’re using huge stop losses. So we’re going to play the defense again this week and take it level to level with the bias for this week being the short trade! So we’ll trade this with two scenarios: Scenario 1: The price comes down during the early sessions and finds support around the 1960-55 level, we feel this price point would represent a good opportunity to take the long trade into that 1980-85 level and potentially above! At that 1980-85 level we would like to see a reaction on price and based on strong resistance we may test that short we are looking for down into 1960, 1950, 1930 and below that 1920. A break of 1920 and we will hopefully get our 1885 target! Scenario 2: Price opens as it did last week with bullish volume from the get go. We will look for resistance at the 1980-85 level or there abouts and we feel that price point would represent an opportunity to short the market back down into the 1960, 1950 and below that 1930 levels. If we get this right again this week there are a lot of pips to be captured but your lots sizes are really important. Allocate a lot size that allows you to remain flexible with the choppy price action and the volatile swings that the markets are creating. Always have a risk strategy in place and you will make money in these markets. We always tell Camelot members theres nothing wrong with testing a level, test it will a smaller lot size and have a sensible stop in place. We’ll update you during the week as we usually do. As always, trade safe. KOG
FX:XAUUSD
by KnightsofGold
25
XAUUSD - KOG REPORT! (Weekly)Weekly Chart: Camelot members have been taught how to trade the triangles to the best of probability using KOG zones and level to level trading methods. This chart is very interesting and if it follows what we think its going to do then please look out for the following levels. The 1914-35 region is important for the price to stay below if we’re going to see a resumption of the bearish move and then continue to the overdue KOG target of 1770! Yes, it a long way off but we’re going to keep it in mind knowing that it can take weeks/months to get there if it wants to. This chart shows the weekly structure with the trend and the Triangle in play. So for coming weeks these are the regions that are important, the 1854 level support where a break and close of this level will see the price then face further declines into the 1835-30 key liquidity region or, a break and close on the weekly of the 1915-35 price region on the weekly candle which will result in more bullish movement in Gold leading to a test of the recent high and potentially further up. Together with the daily reviews and levels we share please add these levels to your charts so you're aware of what the price can do and what it can achieve. We’ve had a lot of traders ask us what time frames we use for our analysis, this is the reason we’re sharing the weekly, daily and 4H time frame analysis, so you can see we start with the longer term charts and then work our way down. This is what a lot of analyst will call a top down analysis of the markets, simply starting from the higher time frames and working your way down. Daily Chart: We have shared this a few times but this time we’re going to go into a bit more depth. You can see the trend and you can also see the daily levels which have been plotted on the highs and the lows of the chart. What we’re looking for here whether the price comes down first to create the lower highs or if the price goes up first to test the top of the trendline and then comes down to create a lower high. We have to keep in mind and be aware that at some point this structure will be broken, that will either be to the upside or the downside. KOGs view on that at the moment is its too early to tell, we will use this chart to guide use using the levels and the trend together with Excalibur to make the most of what we’re seeing. Fore reference only. As always, trade safe. KOG
FX:XAUUSD
by KnightsofGold
15