In last weeks KOG Report we suggested we could see a challenge on the price points of 1814-18, above that 1830-35 but if the price remained below the 1797-9 region it would be a good opportunity to short the market down towards the 1777 level and below that 1770. The price of the week achieved the high 1808 level and then began a decline down towards the 1768 level. We weren’t exact but it was close!
So what can we expect in the week ahead?
We would like to see this complete the path we road mapped on our NFP report on Friday where we hope to see a challenge on the price region of 1795-97 during the early sessions of the week. We can see signs of some bullishness in Gold to come but we’ll have to wait for the market to open and then for Excalibur to confirm our thoughts. We will be looking for the market to open and try to test the lower support level of 1777-75 where we could see a strong reaction. As long as the price stays above this level we will be looking to target that 1795-7 level and above that 1804-7. We need to keep in mind we have an Excalibur target at the 1814-17 level so there is a chance they will move this to that level where we will be looking for resistance on the price. We will remain bearish on this until we see a change in the structure and will remain with those lower targets we had shared last month, the most important being the 1735 level.
So in summary. We will be looking for support at the early part of the week and testing small long trades towards that 1795-7 level where we will look to test the first short trade. If the price breaks and closes above that level we will be looking to target our Excalibur level of 1805 and above that 1814-17. If we see a good strong resistance at that level we again will be looking to short the market to target the lower levels.
We can see a big move on the horizon and for that reason we are not worried about missing the moves, we will be trading this lightly and sensibly as we’re approaching the end of the year and the markets are extremely choppy. We suggest traders do the same, take it easy, test the levels with lot sizes that allow you flexibility in the markets.
Key KOG levels:
Support:
1777
1770
1765
Resistance:
1785
1795-97
1804-7
1814-17
As always, trade safe.
KOG
So what can we expect in the week ahead?
We would like to see this complete the path we road mapped on our NFP report on Friday where we hope to see a challenge on the price region of 1795-97 during the early sessions of the week. We can see signs of some bullishness in Gold to come but we’ll have to wait for the market to open and then for Excalibur to confirm our thoughts. We will be looking for the market to open and try to test the lower support level of 1777-75 where we could see a strong reaction. As long as the price stays above this level we will be looking to target that 1795-7 level and above that 1804-7. We need to keep in mind we have an Excalibur target at the 1814-17 level so there is a chance they will move this to that level where we will be looking for resistance on the price. We will remain bearish on this until we see a change in the structure and will remain with those lower targets we had shared last month, the most important being the 1735 level.
So in summary. We will be looking for support at the early part of the week and testing small long trades towards that 1795-7 level where we will look to test the first short trade. If the price breaks and closes above that level we will be looking to target our Excalibur level of 1805 and above that 1814-17. If we see a good strong resistance at that level we again will be looking to short the market to target the lower levels.
We can see a big move on the horizon and for that reason we are not worried about missing the moves, we will be trading this lightly and sensibly as we’re approaching the end of the year and the markets are extremely choppy. We suggest traders do the same, take it easy, test the levels with lot sizes that allow you flexibility in the markets.
Key KOG levels:
Support:
1777
1770
1765
Resistance:
1785
1795-97
1804-7
1814-17
As always, trade safe.
KOG
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🟡 Disclaimer: Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: www.instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
