XAUUSD - KOG REPORT

In last weeks KOG report we said we were looking for the price to fall towards the 1795-90 level where we tested the long. We got a lovely entry which we are still holding after taking a majority of the profits. We also suggested during the week that once we broke that level of 1812 we would only be looking to short the market. The week played out pretty well for us and those who followed trading both long and short on Gold.

So what are we expecting in the week ahead. After Fridays minor sell off we would look for the market to open potentially testing that lower support level again around 1810-1808 where we can then look for some correction to Fridays bearish movement to the upside. We are looking for the 1818-20 level initially to act as a resistance level, this is where we feel the market will decide whether it wants to progress into more of a bullish movement towards 1840-50 or resume the move from Friday coming down to test and break the 1800 level.

Our plan:

We will wait for the early sessions to settle, if we find support around the lower levels we will test the long trade with the first target being around the 1818-20 level. At the mentioned level we will assess the price action and structure of the market and potentially look to short it again targeting the 1800 and below levels. As always, its just a plan, we won't know until the market opens and we can identify how the price is behaving at the key levels.

Key Support:

1808
1802
1792 – Breaking this level will force more bearish pressure on the price

Key Resistance:

1820
1835
1843
1852 – Breaking this level is likely to force more bullish movement on the price

Like we normally do, we’ll wait for the market to open and for Excalibur to give us an indication where we could go which we will share during the course of the tomorrow and the week ahead.

As always, trade safe.

KOG