We'll revert back to our daily chart for this weeks KOG report highlighting the daily zones and trend. In last weeks KOG report we said we could see 1750 turning into a support level and the price was likely to go higher to test the 1785 levels as resistance. We said we would only be looking to sell based on successful resistance as we were still playing bearish on the Gold. We held tight for most of the week observing the ranging price action and on Friday we saw a good opportunity to add to our short positions for lower pricing which worked out well.
So what can we expect in the week ahead?
Although that daily candle closed with a long wick its still a concerning candle. We would expect the price to attempt to fill the wick of that candle at some point so for that reason we will be looking for the lower support levels to hold. We can see the price pushing down a little further as Excalibur in hinting at the 1745-40 as immediate levels. We also have that higher region of 1785 which we are not discounting, even though the price failed to touch it last week.
There are two scenarios here for both bulls and bears:
Scenario 1:
The price opens negative and comes down towards the 1750-45 levels. If the price supports here its likely we may see rejection on the price and then an attempt to go higher towards that 1765-70 level again to attempt to break it to the upside.
Scenario 2:
The price open positive and attempts to target that 1765-70 resistance. Based on resistance here we could see another opportunity to short the market again for lower pricing.
If you've followed KOG for the last year or so you'll know we've been very bearish on Gold shorting it at every opportunity from the 1960 levels. We are now approaching that time where we're holding shorts from above and any more short trades will be smaller in size because of where we are price wise.
We've added the 4H chart below to give you a clearer intra-day illustration of what we're looking at for beginning of the weeks trading sessions. As we usually do we will update throughout the week with any changes and what we're seeing on the markets.
Looking at the fundamentals this week we can see there is a lot of USD news and events, so again we'll be looking at choppy, ranging and whipsawing price action trying to catch traders out and get them stuck in the wrong way. Please trade this cautiously!!
What’s the levels bro, too many vertical lines with prices, what you mean? Even on swing trade template on TV I see better TA. as a gold Forex expert I learn nothin from your chart. Bullish or bearish no clear, post your position man. Too long texts chart is empty like a baby brain
Viktor_FX
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@Mini_Scalps, you really need to learn ... the difference between vertical and horizontal lines BEFORE claiming to be an expert. As an expert, you could generously demonstrate at least one analysis instead of agressive and useless commentary.
tolga.bozkus.50
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@Mini_Scalps, losses starts when you say 100% will drop, 100% wil fly. One of the best analysis for possibilities. There is only maybe in the market. Maybe it is better for you to watch. My opinion.
Mini_Scalps
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@Viktor_FX it’s not aggressive or useless, you are! Just mindless pumping of an insecure trader that doesn’t post his position. I know more about lines than you, your just a paid pumper or one of his blind followers. Go pray now to your master now 🙇
Viktor_FX
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@Mini_Scalps, wrong again! I am not a pumper and I do not need to know about anybody's positions. Hold your gall and try to be polite to people who share their ideas. Just be careful not to choke on your bile, "mate"... ))
Mini_Scalps
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@tolga.bozkus.50 no one asked for your opinion. I can read charts mate and understand trend lines patterns and things like that. He doesn’t say anything or in favour or any solid opinion… why… 50/50 is a good strategy yeah 😂
KnightsofGold
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@Mini_Scalps, Thank you for your comment. If you read the text (not just look at the pretty pictures) you'll see what our positions are and what we have been doing. Here's a tip, don't be lazy boy, learn how to trade, try babypips and watch some videos. Please don't trade with real money, practice on demo and try to become consistent in your trading and your strategy. Always here if you need help. KOG
brudinholdings
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Swing and a miss on 1770 today. Been some brilliant action in the week already. Expecting to see mid-1770s again before the dust settles on US CPI data but either way can’t see how the print will be good for gold.