THE KOG REPORT THE KOG REPORT:
In last week’s KOG Report we said we would be looking for price to attempt the lower red box, and if held a move upside would be available into the box above. This move worked well for traders and the entry came exactly from our Excalibur red box. We then ideally wanted the higher box to give us a RIP, however, as you can see price broke above first on our indicators and then on the box shared with everyone else. Hence invalidating the short trade and activating the long which was then shared in our updates through the week.
We managed to trade between the boxes and of course Excalibur our trusted algo again performed with the pin point target levels.
A decent week in Camelot, not only on Gold, but on the other instruments we trade and analyse as well.
So, what can we expect in the week ahead?
I would expect Monday and early Tuesday to be the main days for movement before FOMC this week which may bring volume, but initial thoughts are we’re priced in! For that reason, we’ll share this report and say it’s applicable until Wednesday, which is when we will share the KOG Report for FOMC.
We have support below at the 3620-12 region which is a big range and will need to be monitored if attacked early in the week. If this level holds, an opportunity to long may be available to trades targeting the all time high again and most likely beyond in attempt for the 3700 region. It’s that region we would like to monitor again for a possible short, unless we break below the 3610 level.
The path shows the possible route, a move downside, then up where there are 3 levels to monitor, and a potential move downside in our opinion. It is as usual, subject to change and will be updated if through the week. For now, we’re still stretched with sentiment near neutral, we need to complete the swing upside with the key level of support being the 3606-10 level in extension. If we break below there, we have a clean reversal and what bears will want, is to see the low 3500’s at least! This level could be a possibility on Wednesdays FOMC, so stay tuned!!
In summary:
We want to see this move down commence so longs are with caution for us at the moment with the hope that one of these resistance levels can give us a major RIP. We need to monitor this carefully and will be implementing a scalp only strategy upside for now.
KOG’s Bias of the week:
Bullish above 3610 with targets above 3655, 3667, 3671 and above that 3686
Bearish on break of 3610 with targets below 3605, 3597, 3580, 3565 and below that 3540
RED BOX TARGETS:
Break above 3645 for 3654, 3657, 3670, 3685 and 3702 in extension of the move
Break below 3630 for 3620, 3610, 3605, 3597 and 3885 in extension of the move
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As always, trade safe.
KOG
