THE KOG REPORT - Update:

End of day update from us here at KOG:

A choppy day on gold but we managed to hit our target giving a tap and bounce which lined up with the hotspot we have shared with every yesterday. The bias however is stretched and as we suggested the extreme levels are coming into play.

So, what now?

We want to see how the daily closes here, 50EMA has been playing it's role supporting price from below so there is a chance we're going to flip again and get the move up we're anticipating. For that reason, we've now added another hotspot below around the 2025-7 level which if supported should give us the projection we need to break above the 2035 level and complete those higher levels before then seeing a reaction in price again.

We're still in the range, still accumulating orders so please be careful. Tomorrow we may see some fireworks on the markets, if you're caught the wrong way you'll get yourself into trouble.

From Camelot this morning:

Support: 2030 / 2023 / 2021 / 2016 / 2010

Resistance: 2035 / 2042 / 2045 / 2050 / 2055


Price: 2033

KOG’s Bias for the day:

Bullish above 2025 with targets above 2040

Bearish on break of 2025 with targets below 2018

Summary:

Today I would suggest you definitely play caution on Gold! It looks like it’s accumulated enough in this small range and we’re going to see a breakout in the sessions to come. Extreme support on the intraday stands at 2020 which can be targeted but will need to break and extreme resistance 2056 which gives us the wider range.

As always, trade safe.

KOG