THE KOG REPORT THE KOG REPORT:
In last week’s KOG Report we said we would be looking for price to tap into the lower red box region, give the long trade up into the red box resistance which was active and then give us the opportunity to short the market sticking to our bias and our bias target levels. Although we missed the precise entry by 30pips from the highs, we managed to get in and complete not only the bias target levels, KOG’s bias of the day target levels, Excalibur target algo levels and LiTE EA targets hitting 100% on those for the week.
A fantastic week on markets on just on Gold but on the other pairs we trade and analyse as well. Well done to our traders and team.
So, what can we expect in the week ahead?
After the move we witnessed last week we would expect there to be some retracement on the horizon, however, it all depends on this lower level of 2850-47 holding price up in the early sessions. If we do see a clean set up here an opportunity to take that potential long into the level above 2865-70 should be available. It these level above that are concerning, they need to break above for us to confirm this as a short term low, however, unless broken 2875-80 and above that 2895-2900 should be decent target levels for the longs and also pivotal points to watch for reversal to continue the move downside.
On the flip, we do have a level below sitting at 2805-10, which is also a bearish below level. If we continue this move downside from the opening, we’ll look to continue with the move downside on the daily red boxes and then look for an opportunity to take a swing long from lower down.
Key levels this week:
Resistance – 2890 / 2904
Support – 2850 / 2830 / 2810
Potential range – 2810 – 2880
KOG’s bias for the week:
Bullish above 2847 with targets above 2865, 2871, 2876, 2880 and above that 2904
Bearish below 2847 with targets below 2840, 2835, 2830 and below that 2810
RED BOXES:
Break above 2860 for 2865, 2872, 2874, 2885 and 2900 in extension of the move
Break below 2847 for 2840, 2836, 2831, 2823 and 2810 in extension of the move
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As always, trade safe.
KOG
