XAUUSD - KOG REPORT!

KOG Report:

In last weeks KOG report we said we would be concentrating on the long trade and only taking shorts using the KOG level to level strategy. We said we could see there being a liquidity swoop into that 1685-90 region and below that 1650-65. We illustrated on the chart that if price targets 1720-25 and faces rejection this is the short into the lower levels! As you can see from happened during the week, we took shorts down into that 1690 level and then bang on 1685 got the swoop where we went long. The initial target for the longs was 1750, however, we’ve taken a majority of the trade of the table and moved the stop to entry to protect it.

So, what can we expect in the week ahead?

We’re going to keep it simple this week and most probably stay out of the markets on Monday. We have further indications of the short scenario, and we have FOMC this week as well as it being the last trading week of the month. We feel this FOMC, if not priced in already is going to cause some traders a lot of disruption so for that reason we would suggest you take it lightly on the markets until after FOMC. We still have the levels of 1750 in mind but there’s a huge chance that we’re going to get and extended swing low into that 1660-40 price region where liquidity is sitting.

Our immediate support levels on the 4H chart are:

1720
1712
1703
1695

Our immediate resistance levels on the 4H chart are:

1730
1735
1745
1752
1756

Break above 1750 with a confirmed support then we’re looking higher into 1785-95 regions. Price below 1750, still looking lower for a break of 1685 down into our lower KOG target.

Are we bullish? NO! Not yet.

Hope this helps in preparation for the week ahead, we will update you as we go along as we usually do.

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As always, trade safe.

KOG