KOG Report:
In last week’s KOG Report, we said we would like the price to target the lower support regions and find a base, once this was formed, we suggested the opportunity to go long into that 1720 region would be on the table. We were then looking for resistance at that price zone before attempting to short the market down to the lower levels. As you can see from the illustrated chart the lower region was tested, albeit not the supply zone that we wanted, however we got the tap into one of our Excalibur zones before we saw the move to the upside. We did then short it again from the 1720 region which gave us over 100pips, and then protected the trade after taking partials which then closed at break even after the CPI release. We said in last week’s report that as long as price stayed below the 1730 price point, we would remain with our plan, however, we can now see this region is broken resulting in the aggressive move to the upside.
So, what can we expect in the week ahead?
We have the key levels of 1750-55 as support and we have the levels or 1785-90 as resistance which price will attempt to target in our view. We’ve drawn in the potential range in which we feel the price may stay during the week so please look at the levels and monitor the breaks. This range includes where we feel an opportunity to short and where an opportunity to long the market may arise. Although the structure is bullish at the moment we wouldn’t want to go long unless we get a deep pullback, which we would like to see during the week. That higher resistance level needs to hold for the price to resume some form of correction so please keep an eye on it.
As usual we’ll update followers regularly with the daily review, levels and 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 week’s KOG Report, we said we would like the price to target the lower support regions and find a base, once this was formed, we suggested the opportunity to go long into that 1720 region would be on the table. We were then looking for resistance at that price zone before attempting to short the market down to the lower levels. As you can see from the illustrated chart the lower region was tested, albeit not the supply zone that we wanted, however we got the tap into one of our Excalibur zones before we saw the move to the upside. We did then short it again from the 1720 region which gave us over 100pips, and then protected the trade after taking partials which then closed at break even after the CPI release. We said in last week’s report that as long as price stayed below the 1730 price point, we would remain with our plan, however, we can now see this region is broken resulting in the aggressive move to the upside.
So, what can we expect in the week ahead?
We have the key levels of 1750-55 as support and we have the levels or 1785-90 as resistance which price will attempt to target in our view. We’ve drawn in the potential range in which we feel the price may stay during the week so please look at the levels and monitor the breaks. This range includes where we feel an opportunity to short and where an opportunity to long the market may arise. Although the structure is bullish at the moment we wouldn’t want to go long unless we get a deep pullback, which we would like to see during the week. That higher resistance level needs to hold for the price to resume some form of correction so please keep an eye on it.
As usual we’ll update followers regularly with the daily review, levels and 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.
