THE KOG REPORT:
In last week’s KOG Report, we said traders must be aware of the conditions they’re trading, and markets are moving at extreme levels, we said would be looking for that sudden turn in Gold that may catch traders out. We gave the initial resistance level on the open of 2330-35 where we anticipated the first move down into support, this gave traders an opportunity but it was short lived and only netted us 100pips. The move however, was pinpoint, into support and then the bounce giving the long trade back up level to level. We said a break of that support level is what will be needed for Gold to go down further, otherwise, the reaction from those levels could give the bounce, which is what we got into the region we wanted 2350-55.
During the week, upon breaking the resistance level, we continued with KOG’s bias of the week, looking for the higher levels 2365 and above that 2372, which we completed. Excalibur however had other plans and kept activating long and looking at the move we decided to continue with the move taking longs until Thursday’s close, where we suggested no more longs and gave the levels for the potential turn.
The third level worked a treat, giving traders the opportunity to short the market for a huge move to the downside, which is where we closed for the week. An absolutely fantastic week in Camelot, completing targets not only on Gold, but the numerous other pairs we trade, giving a record breaking pip capture for us since we started sharing our work.
So, what can we expect in the week ahead?
Are we now bearish? That’s the question on everyone’s mind at the moment! Answer, simply, no, not yet! This is a correction, but most likely profit taking at the moment, we still need a complete swing turn here to then start looking for this to target the lower levels we wanted last week, which are sitting around the 2270-50 region. For that reason, we’ll initially want to see how the markets open before taking any positions, there is a chance we will see gaps on open that may again catch some traders out, especially those who entered late session Friday and didn’t protect their trades!
We have the immediate resistance above sitting at the 2355-65 region, if held during the early part of the week, we feel there is an opportunity to short the market back down into the lower support regions, 2330-35 and below that 2310-2295. This is where we want to see the first RIP, and if we get it we feel the long is available into the higher regions where we will only follow Excalibur and hopefully get to carry and trades, if we get them.
Please note, breaking above that higher resistance level of 2365-70 will give us the move to fill that wick and potentially take us into an even higher high, so please be careful if you’re in the wrong way, make sure you act accordingly and have a risk model in place.
On the flip, continuing downside from the open, we suggest traders leave runners on any shorts from above, looking for the levels below 2310 and below that 2290-95 where we feel there may be RIPs, but only temporary, giving traders an opportunity to long the market level to level upside. If we get this move, we will be looking to add short trades and move with the market.
One key thing to note here, if this is a bearish move here, we need more confirmation on it, as institutions don’t usually stop in one day, they tend to continue the move so breaking that lower level of 2290-95 is important. Don’t worry about capturing moves from tops and bottoms, it’s extremely difficult to do unless you have the right guidance and experience in identifying the key levels. The market will always give opportunities, take it at your stride, use the levels provided and make sure you have a risk model in place.
More extreme conditions to come in the week’s ahead!
KOG’s bias for the week:
Bearish below 2365-70 with targets below 2310 and below that 2295
Bullish on break of 2375 with targets above 2425 and above that 2447
Keep an eye on the daily analysis as well as KOG's daily bias which as many traders have seen, work extremely well.
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.
KOG
In last week’s KOG Report, we said traders must be aware of the conditions they’re trading, and markets are moving at extreme levels, we said would be looking for that sudden turn in Gold that may catch traders out. We gave the initial resistance level on the open of 2330-35 where we anticipated the first move down into support, this gave traders an opportunity but it was short lived and only netted us 100pips. The move however, was pinpoint, into support and then the bounce giving the long trade back up level to level. We said a break of that support level is what will be needed for Gold to go down further, otherwise, the reaction from those levels could give the bounce, which is what we got into the region we wanted 2350-55.
During the week, upon breaking the resistance level, we continued with KOG’s bias of the week, looking for the higher levels 2365 and above that 2372, which we completed. Excalibur however had other plans and kept activating long and looking at the move we decided to continue with the move taking longs until Thursday’s close, where we suggested no more longs and gave the levels for the potential turn.
The third level worked a treat, giving traders the opportunity to short the market for a huge move to the downside, which is where we closed for the week. An absolutely fantastic week in Camelot, completing targets not only on Gold, but the numerous other pairs we trade, giving a record breaking pip capture for us since we started sharing our work.
So, what can we expect in the week ahead?
Are we now bearish? That’s the question on everyone’s mind at the moment! Answer, simply, no, not yet! This is a correction, but most likely profit taking at the moment, we still need a complete swing turn here to then start looking for this to target the lower levels we wanted last week, which are sitting around the 2270-50 region. For that reason, we’ll initially want to see how the markets open before taking any positions, there is a chance we will see gaps on open that may again catch some traders out, especially those who entered late session Friday and didn’t protect their trades!
We have the immediate resistance above sitting at the 2355-65 region, if held during the early part of the week, we feel there is an opportunity to short the market back down into the lower support regions, 2330-35 and below that 2310-2295. This is where we want to see the first RIP, and if we get it we feel the long is available into the higher regions where we will only follow Excalibur and hopefully get to carry and trades, if we get them.
Please note, breaking above that higher resistance level of 2365-70 will give us the move to fill that wick and potentially take us into an even higher high, so please be careful if you’re in the wrong way, make sure you act accordingly and have a risk model in place.
On the flip, continuing downside from the open, we suggest traders leave runners on any shorts from above, looking for the levels below 2310 and below that 2290-95 where we feel there may be RIPs, but only temporary, giving traders an opportunity to long the market level to level upside. If we get this move, we will be looking to add short trades and move with the market.
One key thing to note here, if this is a bearish move here, we need more confirmation on it, as institutions don’t usually stop in one day, they tend to continue the move so breaking that lower level of 2290-95 is important. Don’t worry about capturing moves from tops and bottoms, it’s extremely difficult to do unless you have the right guidance and experience in identifying the key levels. The market will always give opportunities, take it at your stride, use the levels provided and make sure you have a risk model in place.
More extreme conditions to come in the week’s ahead!
KOG’s bias for the week:
Bearish below 2365-70 with targets below 2310 and below that 2295
Bullish on break of 2375 with targets above 2425 and above that 2447
Keep an eye on the daily analysis as well as KOG's daily bias which as many traders have seen, work extremely well.
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.
KOG
Comment:
Lovely move so far, long up, short down. First level target hit for us in Camelot, support here, needs to break to go lower.
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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.
