XAUUSD - KOG REPORT!

KOG Report:

In last weeks KOG Report we said we would stick with the plans we’ve been following for most of this year where we could see more downside pricing in Gold but, at some point we’re expecting a relief rally. We said we would be switching to our level to level trading strategy on the short trades from now with the hope of finding a short term bottom in Gold. We updated traders during the week with the expected movement and also gave a FOMC report which managed to capture over 100pips on the move, we wanted 1690-95 but achieved 1688 before the rejection from higher resistance. We also illustrated the liquidity pool on the chart which again gave traders an opportunity to long the market up to resistance before then shorting in to the lower support where price closed on Friday. We hit numerous targets again in Camelot even though we’ve witnessed some extreme ranging and choppy price action.

So, what can we expect in the week ahead?

Well, let’s start by saying we’re still bearish and expect more decline in Gold. We’ll stick with the plan from previous KOG Reports where we would like our lower levels on the longer time frames to be completed. We would however like to see this go a little higher so we can get better pricing to short it again into the lower levels. We wanted to get in from 1690-95 last week but the opportunity didn’t present itself, so let’s see if we can get it this week!

We have the higher resistance levels of 1660-65 and above that 168-90, these are the levels we will be looking for to either target on the long trades or, if we see resistance here to test the short trades to carry this down into the lower support regions of 1630-35 and below that 1610-15. As usual, we will be waiting for Excalibur to guide as to which way we go first and how the price reacts at the levels, as and when we get there.

Immediate Support:
1640
1630-35

Immediate Resistance:
1655-60
1680-90

We’ll update traders with our morning reviews on the group and with the daily updates we usually provide. Wishing all our followers a successful week’s trading ahead.

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As always, trade safe.

KOG