THE KOG REPORT - Update

End of day update from us here at KOG:

We were expecting it to be a quiet day, but in true unconventional market fashion we actually had a blinding day on the markets, especially gold. Early session we saw the break above which confirmed the long trade, Excalibur activated, the red box strategy agreed, and we got not 1 but 2 fantastic long trades on gold. To top it off, tap and bounce on the nose from the reaction point highlighted on the chart giving a move down, but only into support.

So, what now?

We would like to see this support level below hold around 2320-15 region, and if so, would like to see this attempt that 2335-40 region before we decide whether the set up is right for the short trade.

Resistance now stand at 2330-35 which will need to break to go higher. Otherwise, we'll look for the setup tomorrow and wait for Excalibur to confirm.

As always, trade safe.

KOG