FX:XAUUSD   Gold Spot / U.S. Dollar

In last week’s KOG Report we said we wanted the lower support level to hold up the price to give us the opportunity to long into the order region above, which gave us a fantastic start to the week. We then said we wanted to short from the order region back down, but due to FOMC and CPI we would be looking for extreme levels above. Once price re-entered our order region we did continue with the plan but the range and accumulation meant we couldn’t complete the move down that we wanted, however, still getting a decent trade down.

So, what can we expect in the week ahead?

Simple one this week!

We have potential to start the week with short movement within the range we have plotted on the chart. The resistance level above sits at 2345-50 which needs to hold the price down for us to see a further move downside into the lower support region below, and potentially complete our plan from last week’s KOG Report.

Support 2320 is the hurdle this week and needs to be broken forcefully for us to then have more confidence in the move. The problem we have this week again is this sideways range, and for that reason we’re going to throw a curveball into the mix, which we need traders to be extremely careful of. IF that resistance level above breaks, and we bounce aggressively from below, there is a huge chance we’re going to see this attempt to take liquidity from the higher regions 2370-5 which is a key level for this week and also the extension of the move. So please, traders make sure to stick with your risk model, we’ll trade it the KOG way, level to level, stay the right side of it and expect some extreme movement.

KOG's Bias for the week:

Bearish below 2345 with targets below 2320 and below that 2295
Bullish on break of 2345 with targets above 2355 and above that 2370

As above, it’s a short one this week, we’ll update it as we usually do during the course of the week.

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As always, trade safe.

Nice bounce in the session from the range low, currently running but lets play level to level. First hurdle 2325, trades in at 50-60pips so protect and take some

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