THE KOG REPORT - Update (What a week)

End of day update from us here at KOG:

Wow...What a week on Gold, especially with the FOMC play taking us up in to new territory only to aggressively reject price. In the KOG Report on Sunday and yesterday, we gave caution on the move and said that level of 2210 is an open level for the extreme move, and if there is enough volume, they will target that level on the break of 2175. As you can see, the Asian session completed the move only for the reaction in price to come from around that level. We've managed to short and then take the long trade from support, which is at break even now with partials taken.

What now? Would be looking for the lower support levels of 2178-5 to hold price up, and if held the 2190-95 region is an acceptable target region for long trades. This is the level that needs to be monitored, which is why we've only illustrated one way at the moment. A RIP here tomorrow, and we will likely see a deeper pullback, into the 2130's be any bounces to the upside. We're keeping an eye on structure, we still don't have a clean reversal, so upside is still open. If you're in from below, well done, hold and protect.

Support 2178-5 and below that 2170. We're on the flip at the moment!!

Resistance, 2190 and above that 2195

We'll be back tomorrow. As always, trade safe.

KOG