THE KOG REPORTTHE KOG REPORT:
In last week’s KOG Report we wanted to short from the 2630-35 region into the lower levels, which worked but we only managed to get 2613 when we wanted 2610. Ideally, we wanted lower to then access the price action and look for the long, however, that long came early and we managed to capture the move both down and then up completing our bias target levels plus the extra pip capture into the highs to end the week.
A great week not only on gold but we completed 32 targets giving our traders a phenomenal pip capture across the markets. Nice, easy, clean trading!
So, what can we expect in the week ahead?
We've had some more geopolitical news over the weekend so there is a chance that we will see some opening gaps on the markets. We also have NFP this week, so towards the end of the week can expect the usual pre-event price action and ranging to form.
Now, due to us expecting these potential gaps, best practice is to let Monday early session do what it needs to do, instead plot the levels and look for the RIPs to capture the scalps, ideally on the red boxes.
We have the immediate levels above at 2665/7 resistance, which is a crucial level price needs to reject to continue the move downside! For that reason, we are giving a bias level of bearish below 2670 provisionally with an extension of the move into 2675 which is the flip. If we attack these levels, and get the reaction we need, we feel these levels will represent opportunities to short into the lower levels 2650-55 and below that 2630-35.
If broken above, we get that flip and we’ll be looking to target that 2701 level and above that we have 2707, which is where we may get further opportunities to attempt the short again.
Important: There is an extension of this downside move, and it’s below our bias level bullish above 2630-35. Oddly enough, we also have an Excalibur target sitting down there active! We will want to see how the market opens and what they do in the early session before we make up our minds on that move. NFP could through a spanner in the works for traders!
For now, we’ll stick with the above and as usual we’ll update traders through the week.
Look out for KOG’s bias of the day, KOG’s red boxes and the indicator levels which are published for the wider community.
KOG’s Bias for the week:
Bearish below 2670 with targets below 2650 and below that 2635
Bullish on break of 2675 with target above 2685 and above that 2701
RED BOXES:
2665 break above for 2672 / 2685 / 2701 / 2707
2650 break below for 2635 / 2624 / 2620
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As always, trade safe.
KOG
