THE KOG REPORT - Update:

End of day update from us here at KOG:

Gold completes the move, BOOM! In yesterdays update we said 2016 support was the level to watch, and if held we would see the move upside giving the long trade into the 2020-25 region. Early session gave the move upside as we suggested. We then mentioned that we would stick with the plan and if the 2030-35 level held the price we were likely to see price attempt the break of 2000 and target the lower levels 1990-95 which is the level we were targeting this week for the short trade. Since we started this group we've always mentioned how we trade level to level moves, this was point to point, level to level, pip to pip! Well done to those who followed along with us, not only completing our Excalibur targets but the bias targets shared with everyone. We did say it was a complex plan, but it had to be to get it right.

So, what now?

We're in a previous order region 1985-95 which although is below 2000 isn't sufficient enough for us to start thinking about mid 1900's at the moment. We have resistance above at the 2004 and above that 2010 level which could be a sensible level to a retracement, and for long trades from traders wanting to catch the dip. Although our move is complete on the idea, the move is not totally complete so let's watch the higher levels 2010-12 for a reaction in price, if held we could see further downside.

From Camelot this morning:

XAUUSD 08/02/24 1H

Support: 2025 / 2023 / 2021 / 2016 / 2010

Resistance: 2030 / 2035 / 2042 / 2045 / 2050 / 2055


Price: 2027

KOG’s Bias for the day:


Bearish below 2035 with targets below 2010

Bullish on break of 2035 with targets above 2045

Summary:

CPI today which is bound to drive the markets, so please play defence. The ideal trade on Gold today was the early session long into the resistance level above, where partials should be taken and the trade protected. We have immediate resistance 2030-35 again, which will likely see a move into over the coming session but needs to hold for us to target the lower levels again. If held again, we could see price break through 2000 into the order region 1990-95 where a RIP is possible. The range is 2045-1995.