KOG REPORT:

KOG REPORT:

In last week’s KOG Report, we were expecting an aggressive week on the markets and that’s exactly what we got. Our ideal scenario on gold was for price to find support, push to the upside, grab the higher pool, and then make the drop into the first level 1908 where we expected a bounce, which didn’t arise, and then into our level 1890 which was achieved and surpassed. In all honesty, the first half of the move, until the level l was broken was missed by us, instead, we had to switch to the red box strategy and follow KOG’s daily bias to get in with the move from immediate resistance levels. Our last bias target was 1863, which again was achieved but that’s where we stopped for the week, only looking then for price to find some form of support.

It was a decent week overall, with numerous gold targets activating short and guiding us down on Gold, and further targets completing on many of the other pairs we trade in Camelot.

So, what can we expect in the week ahead?

The only targets we have remaining now are even further down on Gold, but we will start the week by monitoring the price action down here, only looking for support levels to go long at the moment. We can potentially expect some consolidation early session but we’re too low here to even consider shorting the market unless we get a retracement on price. We’re looking at the support levels below 1845-40 which if held, we feel would represent an opportunity to long the market back up initially into the 1865 level and above that 1875-80. Now, 1880-90 is an important level if targeted, this is where if broken, we can attempt to go higher. If not, rejection here forms the last leg of the structure and that’s the potential level for lower pricing in gold, initially 1830-35 and below that 1810-15.

As above, we’re too low to attempt shorting the market, so if it continues down, be patient and let it go, it’s not worth getting stuck down here in short trades just in case we start a recovery from the open. So, even though we’ve been short bias, for this week at least, we’ll only be looking for long trades from key levels, unless we get the move to the upside into that higher resistance level, where again we will attempt to short the market again.

Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated.

As always, trade safe.

KOG