XAUUSD - KOG REPORT!

KOG Report:

In last week’s KOG Report, we said we would be looking for the key level of 1750-55 as support and the levels of 1785-90 as resistance. We also plotted the potential range we anticipated the price to play in as well as illustrating the potential move from the support to resistance levels and then back down. As you can see the power of KOG reports played well again with the level to level move playing out as planned. We had Excalibur targets in both directions which made it a little difficult to plot the intraday move, however, during the week in Camelot we dissected the charts and found the pattern that gave us a hint to the bearish movement that we saw towards the end of the week. It was a game of patience across the markets, but we finally completed the week with nearly all targets being hit and closed off.

So, what can we expect in the week ahead?

We’re going to have to be really careful here on Gold for the rest of this month. November is known to be an aggressive month as we’re nearing the end of the year where institutions are usually trying to come out of positions for the yearly close. Our strategy is suggesting a move to the upside on the horizon after a potential swoop of the low, how low though we need to wait and see! We have a 4H pattern active as well as many voids below, so we will stick with the plan from last week for now, where we will look to remain short into the lower resistance levels and then hope to create a base before then taking this back up towards the 1800+ price region.

We have the key levels this week again of 1750-55 which is where price has bounced temporarily on Friday close. We have the immediate resistance level above of 1760-65 which needs to break aggressively for this to go higher. So, lets start the week with the plan to see this tap into that higher resistance level before we then decide whether to add to the short trades or not! Last week we said we knew the price needed to visit that higher resistance level as there was liquidity sitting there, this week we would suggest a visit into that lower support region as there is a block there.

These levels mentioned above are really key regions, that need breaks to either do higher or go lower so trade with caution, keep an eye on the levels and look at the reactions at each one. We’ll of course update traders on a daily basis with our findings and any changes to the plan as long as the morning reviews and KOG’s bias for the day.

For now, wish you all a successful week’s trading ahead. Good luck!

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As always, trade safe.

KOG