TH KOG REPORT

KOG REPORT:

There was no KOG Report on Sunday, so we’ll go straight into the week ahead.

For the next few weeks, into early January we can expect there to be a lot of ranging and choppy price action due to it being the end of the year. Just like trading is not recommended the last days and first days of a month, it’s also the same for the last weeks of the year and the first couple of weeks in the New Year. So, if you are going to trade, please take it easy, reduce your lot sizes and make sure you have a risk model in place.

Now, for this week we’re going to keep it simple, we’re looking for a couple of scenarios on Gold and we’re going to take it really easy as we’re nearing the holiday period. We have a couple of levels in mind as key level support regions, which we feel price must stay above in order to go higher. The first intraday region of 2015-18 which is where price close on Friday is important, any stop hunt below this with extension into the 2010 level and no break, we feel will represent an opportunity to long back up into the 2030-35 region first, based on price action there we’ll decide whether to continue upside or not into 2050-55 and higher! Breaking said level and turning it into resistance, will flip the order region and based on that we could see price fall lower into the 1950’s before any reaction in price.

The ideal scenario for us here is for price to hold that 2030-35 region as resistance, and if we get a good set up there we feel an opportunity to short the market back down into the 2002-5 level initially is on the horizon and below that we’ll take it level to level with the target level shown on the illustration on the chart.

We feel the ideal long opportunity may come from lower down, unless they decide to take it straight up early part of the week, in which case we’ll trade it level to level upside following Excalibur. To be totally honest, not really worth taking any swing trades at this time of the year anyway..

KOG's bias for the week:

Bullish above 2010 with targets above 2055 and above that 2068

Bearish on break of 2010 with targets below 1995 and below that 1976

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As always, trade safe.

KOG

Comment:

End of day update:

Nice move into the bias target level which is completed. We're seeing a slight RIP here but nothing significant suggesting a deep pullback so support now stands at the order region 2030-35 for anyone in short! See you tomorrow

Comment:

End of day update from us here at KOG:

Nothing has really changed from this morning's review, support still stands below around the 2030 level with intra-day resistance now at 2045, which is the range high. Looking at the daily, we can see this level now becoming a daily resistance, unless broken, we could see a move to the downside way back down into the 1990's to close the week before Xmas. Range now, 1990-2045, support 2030 to be tested and keep an eye on that 1H ascending trend line.