THE KOG REPORT
THE KOG REPORT
In last week’s KOG Report we suggested wanting to see the price dip into the lower support level and then give us the long trade back up into the target levels above as well as red box resistance. This worked well of us in the first two days of the week completing our bullish bias targets before mid-week. We then suggested traders continue to long rather than look for the short trade while we identify the key turning point for the ideal short trade, which as you can see during the week we did. This trade worked well for us completing not only our Excalibur targets but our bias targets, hot spots and of course opportunities to scalp using our indi’s.
An extremely decent week in Camelot not only on Gold but the other pairs we trade, analyse and apply the algo to. Well done to our traders and team.
So, what can we expect in the week ahead?
This is going to be a simple one this week as it’s FOMC week. We’re looking at two key levels here, the resistance level of 2670-5 and the support level first 2640 and below that 2630. Ideally, we want to see price find a base and then push upside from the support levels giving us the trade long into that higher level where we will want to monitor the price action. If we see strong defence then with a confirmed set up, we feel a short is on to target the lower levels in another attempt to try and break 2600. As you can see if you zoom out, it’s just a big range of accumulation on a larger scale being played here, ranging sideways like this can only mean there is a move of great magnitude on its way which we as traders need to be prepared for.
KOG’s bias for the week:
Bullish above 2630 with targets above 2650, 2555 and 2667
Bearish on break of 2630 with target below 2610 and below that 2590
RED BOXES:
Break above 2650 for 2657, 2660 and 2669
Break below 2640 for 2635, 2630 and 2610
We’ll use this report up until FOMC where we will publish a new report this week. So please trade carefully, expect some choppy and ranging price action and price to attempt to settle in a small range from Tuesday late session onwards.
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As always, trade safe.
KOG
