KOG Report:
In last weeks KOG Report we said our strategy was suggesting some higher pricing in Gold after a potential swoop of the low. We said we would remain short until a base was created and then look to take the long trade back up towards the 1800 level. We gave the resistance levels of 1750-55 and above that 1760-65 and said we would like to tap into these levels before attempting the short trade into the lower support levels before then creating support and then taking the long trade back up.
As you can see the price rejected at 1750 and gave an opportunity to the lower support before wicking out and then pushing back up. Was a difficult week for some traders with ranging and choppy price action on the smaller time frames which we’re sure would have got some stuck. We have published a post previously on here on “how to trade a range”, please have a look if you would like to practice trading ranges.
So, what can we expect in the week ahead?
We’ll start this week by saying please be cautious and play defence on Gold. The chart structure is looking bullish but, there are some messy patterns on the chart which could suggest another swoop of that lower support region before then attempting to recover. For that reason, unless we break above the 1760-65 level we’ll again be looking for the price to come down to target the 1730-35 zone and below that 17825 before another reaction in price. This now gives us the potential range for the week, with key levels to look for in terms of breaks and closes which should determine the move for remainder of the year.
We have illustrated on the chart what we are looking for, however, as you know we will update traders with our views and thoughts throughout the week, as we usually do. Please keep an eye on the morning reviews, they really do help keep traders on the right side of the markets with intraday key levels and KOG’s bias for the day.
Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated.
As always, trade safe.
KOG
In last weeks KOG Report we said our strategy was suggesting some higher pricing in Gold after a potential swoop of the low. We said we would remain short until a base was created and then look to take the long trade back up towards the 1800 level. We gave the resistance levels of 1750-55 and above that 1760-65 and said we would like to tap into these levels before attempting the short trade into the lower support levels before then creating support and then taking the long trade back up.
As you can see the price rejected at 1750 and gave an opportunity to the lower support before wicking out and then pushing back up. Was a difficult week for some traders with ranging and choppy price action on the smaller time frames which we’re sure would have got some stuck. We have published a post previously on here on “how to trade a range”, please have a look if you would like to practice trading ranges.
So, what can we expect in the week ahead?
We’ll start this week by saying please be cautious and play defence on Gold. The chart structure is looking bullish but, there are some messy patterns on the chart which could suggest another swoop of that lower support region before then attempting to recover. For that reason, unless we break above the 1760-65 level we’ll again be looking for the price to come down to target the 1730-35 zone and below that 17825 before another reaction in price. This now gives us the potential range for the week, with key levels to look for in terms of breaks and closes which should determine the move for remainder of the year.
We have illustrated on the chart what we are looking for, however, as you know we will update traders with our views and thoughts throughout the week, as we usually do. Please keep an eye on the morning reviews, they really do help keep traders on the right side of the markets with intraday key levels and KOG’s bias for the day.
Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated.
As always, trade safe.
KOG
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🟡 Disclaimer: Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: www.instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
