FX:XAUUSD   Gold Spot / U.S. Dollar

In last week’s KOG Report we highlighted the significance of that 2320 level and said that it needed to be broken forcefully, otherwise if supported, we would be looking to long back up into the higher levels as well as Excalibur targets and price will attempt to take liquidity from that 2370-75 region. During the first half of the week, we continued to long into those higher resistance levels giving us a fantastic trade(s), tapping into that 2370-75 region where we got a RIP from our level and the short trade presented itself not only completing KOG’s bullish bias levels but also the first target region for the bearish target.

A phenomenal week in Camelot, not only on Gold and Silver, but all the other pairs we trade as well.

So, what can we expect in the week ahead?

After the move on Friday, we would say caution on shorting the market down here, instead, we’ll look for bounces in the early part of the week to take the price up to correct at least some of this move. Unless we have gaps on opening due to the geopolitical news over the weekend, it’s very possible we will establish a small range here again. For that reason, we will be looking for confirmation at the below levels 2310-12, which if held during the early session could represent an opportunity to long the market back up to the 2325-27 region which for us is the level to watch, with extension of the move into the 2335-40 region. These levels are of importance as that’s where we again will want to be looking for the swing short into the lower support regions, in attempt to break below that 2300 level!

We’ll stick with the bias level bearish below for now and look for lower pricing unless broken above, in which case its likely we will again, target the top of the range and correct the whole move.

On the flip, a push up straight off market open, we’ll look at those 2325-7 and 2330-35 regions to attempt the short, as long as we have a clean set up.

KOG’s bias for the week:

Bearish below 2335 with targets below 2310 and below that 2295
Bullish on break of 2335 with target above 2370!!

It’s a frustrating sideways chop for traders, so please be careful, every time they look to take it down, they swing up and every time they look like they’re going to break up, they swing it down. Traders need to make sure their risk models are up to scratch and they’re playing the range the way it should be. There is a post on trading the range, please check it out.

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.

Trade closed: target reached:
Long in, target level reached. Suggested only scalps on the shorts which has supported so far. Please read above in regard to the extension of the move

🔵 FREE TELEGRAM CHANNEL: t.me/KnightsofGold
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: www.instagram.com/knights_of_gold/

🟡 Disclaimer: Not financial advice. For educational purposes only.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.