THE KOG REPORT THE KOG REPORT:
In Last week’s KOG Report we said we would be looking for the price tap into the lower support region marked as bullish above and for the long trade to present itself, which worked a treat. We then said we would be looking into the order region resistance level for the short trade to carry the price back down, which also worked well but although we achieved a huge return on the trades, price used that same 2320 level to hold and give the push up, which we updated traders with. We managed to capture the short and the long before we update the plans and continued to trade upside until NFP.
The NFP report gave 3 levels we were looking to either buy from or sell from, the lower level we suggested we’d get a RIP from tapped and bounced perfectly taking price into the region we had suggested for the long trade. Again, both those who were long and short got the near pip perfect entry and exits on their trades before the market closed.
A blinding week in Camelot not only on Gold but all the other pairs we trade, analyse and Excalibur tracks.
So, what can we expect in the week ahead?
Another jam packed week on the news front but we should start with clean gradual movement. We have some key levels this week 2405-10 being a major hurdle and 2370-75 being a key level for support. We would like to see price attempt that high in the coming session, and if achieved and rejected we feel the move downside into the support region 2380 and below 2370 in extension are on the cards. It’s these support levels that need to hold price up for us to continue the bullish move, if broken below we’ll again be seeing 2350-55 which is where the move started from.
On the flip, if we do start the week with a move downside, we’ll be looking at those support levels to reject, give us the RIP for the trade upside to clear that liquidity before then assessing the PA above 2400 to establish whether we can see higher or not. It’s a simple one with two plans, up first and we’ll look to short it, down first, and unless broken we’ll look to long it. If we get that long from below and break above that 2310 region, we would suggest traders hold long trades for further advances looking at least towards the 2450-55 region.
Our view still remains with caution on the upside movement, so please play this carefully, we’re still within this sideways movement and accumulating on a large scale, that’s all. It needs to confirm the move to go at target the all time highs and at the moment it could just be another range high before a big swoop towards the range low. We’ll trade it how we see it, level to level and continue to stay the right side of it. Monthly however, suggesting higher at the moment, so lets see.
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As always, trade safe.
KOG
