XAUUSD - KOG REPORT!

KOG Report:

In last week’s KOG Report, we said with the price closing above the 1850-55 region we would only be buying Gold from the support levels 1850-55 and would be looking to short it if the price went up first down into the support levels, where we would again like to go long into the 1880 and above that 1895 levels to target the long trades. We didn’t get the lower support, however, together with Excalibur, KOG’s daily market bias and updates and the levels we did manage to get in from the secondary support levels and then follow the targets all the way up to where we are now. We completed 22 targets in Camelot across numerous pairs, with Gold being the star of the show not only with Excalibur completing targets but LiTE also guiding us on the smaller timeframes.

On the longer time frame analysis, we added a new level daily time frame as well as maintaining the original levels on the weekly and monthly with the price points to look for should the price keep pushing up. Again, all target levels on the longer time frames have been completed with the price now potentially sitting towards the top of the swing.

So, what can we expect in the week ahead?

With such an aggressive week to the upside we would now suggest going long up here a bit of a risk. We have higher targets active, however, there could be an early week push to the upside to complete them so unless we get a deep pullback we’re going to maintain the level to level on the longs in Camelot with tight Stops. We would like to see this complete the short term high before then taking a major correction to the downside with the lower support levels being the target levels. The first price point sticking out is 1895 to the downside and below that the 1860-65 levels.

The immediate support for the early sessions stands around the 1910-13 level, this is the level the needs to break to the downside for us to see this attack the 1900-1895 support before a potential reaction in price and for support to turn to resistance. The immediate key level to the upside is 1925-30 which is the first level we will be looking at to attempt the short trade based on a confirmed setup. A break above that level and we’ll see the 1950-55 level which is ideal for us and where we will be waiting!!

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As always, trade safe.

KOG