XAUUSD - KOG REPORT!

KOG Report:

In last week’s KOG Report we were looking for a move down to start the week, then for price to attempt to take the resistance levels and fail, before we would then attempt to short the market having given the target level 1930-35 for the reaction in price. This then gave the long trade back up for the extended scalp. All in all, a great week again, numerous targets completed across many pairs and Gold performing as we expected. Well done if you followed.

So, what can we expect in the week ahead?

We will keep it short this week as it’s a bank holiday here in the UK. We would say we’re a bit too close to the order region to attempt to short it in the early part of the week, so for that reason, we will be looking for the lower support regions to hold up the price and feel that if it holds this would represent an opportunity to then long the market back up towards the 1950-55 region initially, and above that the 1980-85 price point for the extended move. Now, what we’ll need to see, is how the price reacts at the given levels before we attempt to short it again. If, levels hold and we see a confirmed setup, we'll then attempt to short the market back down into the lower support regions.

Key levels for the week:

Support – Order region 1930-35 and below that 1925-7

Resistance – 1950-55 and above that 1975-80

As usual, we’ll update this with any changes and our plans during the week. Many traders have seen how effective KOG’s daily bias and targets are so please look out for them.

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As always, trade safe.

KOG