KOG REPORT – FOMC
This is our view for FOMC today, please do your own research and analysis to make an informed decision on the markets. Its not recommended you try to trade the event if you have less than 6 months trading experience and have a trusted risk strategy in place. The markets are extremely volatile and these events can cause aggressive swings in price.
We’ll start by saying Gold is over stretched! Its well overdue a retracement, however, you can see that the market is not allowing buyers to get in and get a good entry without large stop losses.
Todays FOMC could already have been priced in, so there is a chance we won’t see much action, it’s a holiday in the US tomorrow and a lot of traders may already have switched off.
We’ll share what we think is the movement to come based on the chart structure and Excalibur targets that are active. So as usual we’re going to look at this with two scenarios in mind:
Scenario 1:
The price goes straight up from here, look for the target levels 1814 as the first target, above that the 1832 level where, if the price gets there its likely we will face some rejection. This price point could represent an opportunity to short the market back down towards the 1800-1797-95 levels. You should always wait for the price to face strong support at these levels, as breaking below will entail more bearishness in price.
Scenario 2:
The price goes down from here, look for the first support level of 1773-5 which will be the first support level, breaking below this we have the level of 1765 and below that 1750-46 (we feel this level could be achieved but we'll wait and see). These levels we feel would represent good levels to take the long trade targeting the 1810 and above that 1820-35 price points. You should always wait for the price to face strong resistance at the level, as breaking above will indicate more bullishness on the price.
We would suggest you trade this with smaller lots than you usually would and ideally let the market do what it needs to until its found a good level of support or resistance. At the moment we won’t be trading this event, rather we will be observing the price.
As always, trade safe.
KOG
This is our view for FOMC today, please do your own research and analysis to make an informed decision on the markets. Its not recommended you try to trade the event if you have less than 6 months trading experience and have a trusted risk strategy in place. The markets are extremely volatile and these events can cause aggressive swings in price.
We’ll start by saying Gold is over stretched! Its well overdue a retracement, however, you can see that the market is not allowing buyers to get in and get a good entry without large stop losses.
Todays FOMC could already have been priced in, so there is a chance we won’t see much action, it’s a holiday in the US tomorrow and a lot of traders may already have switched off.
We’ll share what we think is the movement to come based on the chart structure and Excalibur targets that are active. So as usual we’re going to look at this with two scenarios in mind:
Scenario 1:
The price goes straight up from here, look for the target levels 1814 as the first target, above that the 1832 level where, if the price gets there its likely we will face some rejection. This price point could represent an opportunity to short the market back down towards the 1800-1797-95 levels. You should always wait for the price to face strong support at these levels, as breaking below will entail more bearishness in price.
Scenario 2:
The price goes down from here, look for the first support level of 1773-5 which will be the first support level, breaking below this we have the level of 1765 and below that 1750-46 (we feel this level could be achieved but we'll wait and see). These levels we feel would represent good levels to take the long trade targeting the 1810 and above that 1820-35 price points. You should always wait for the price to face strong resistance at the level, as breaking above will indicate more bullishness on the price.
We would suggest you trade this with smaller lots than you usually would and ideally let the market do what it needs to until its found a good level of support or resistance. At the moment we won’t be trading this event, rather we will be observing the price.
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.
