THE KOG REPORT - Update: BOOM!

End of day update from us here at KOG:

In yesterdays update we said we would want that 1990 level to support the price, and as long as it did we would hold our long trade for 1995 and above that 2003. Not only did we again catch the top, but again we caught the short term bottom on Gold.

So, what now?

We're looking at the immediate support levels below of 1995 and above that 1998 which if held during the next sessions could again see another push up tomorrow into the 2015 and above that 2020 levels where price may stall temporarily giving scalpers an opportunity to short level to level. It's that order region sitting around 2025 that needs to be watched in the coming sessions.

For now, we're still look at the bias level for a reaction in price.

From Camelot this morning:

XAUUSD 15/02/24 1H

Support: 1995 / 1990 / 1985 / 1982 / 1977 / 1975 / 1970

Resistance: 1997 / 2004 / 2008 / 2010 / 2016 / 2020


Price: 1996

KOG’s Bias for the day:

Bearish below 2020 with targets below 1982

Bullish on break of 2020 with target above 2030

Summary:

Looks like we’re going to see some more extreme movement in on the markets today and tomorrow, so please be careful, reduce lot sizes and make sure you have a risk model in place. Today’s key level support is 1990-92 with resistance 2005 and the stretch into 2011. Thoughts are any shorts will come from above, and as long as 1990 holds the price, we’re likely to visit that 2010 region! So, shorts with caution please.