THE KOG REPORT

The KOG Report:

In last week’s KOG Report, we said we would be expecting an aggressive week, especially with NFP and FOMC during the week. We suggested traders take it a little easier on the markets and make sure their risk and money management is on point. We had a few levels in mind for the week on the KOG Report where we wanted price to climb into the 2030-35 region to give us a short trade. We managed to get the level but the short only gave us a 100pip move to the intra-day support level where we held.

We then updated traders with the plan to long the market from support targeting the 2045 price point initially. If you note, in the report we gave the extension of the move into the 2050 level and for FOMC 2060-65 for a potential RIP. FOMC gave us 2050 for the short into the level we gave as a target on the report, where we then managed to get a long back up into the higher resistance. This level worked well on Fridays NFP again giving us the short trade back down completing not only the higher targets, but the lower targets and the bias levels given in Camelot for the week.

All in all, a great week on the markets again, not only on Gold but the numerous other pairs we trade, including DXY, OIL and NAS100 which we shared with traders.

So, what can we expect in the week ahead.

It’s the first full week of the month so we should see a lot of movement on the markets ahead so again, please trade a little lighter than usual and make sure you stick to your risk model. We speak about this regularly and have shared posts previously about lot size management, please do have a look.

We have some important key levels this week for your charts, 2022-20 and below that 2010-14. These support levels are important for price to stay above in order to continue higher in attempt to again break that 2050-55 key level resistance. For that reason, if we push up in the early sessions targeting resistance and it holds, we feel an opportunity to short the market back down is available for traders, but in this instance, we would suggest you take it level to level. It’s that first level of 2022-20 that we need to break, otherwise a temporary RIP here is possible, but only for the scalp to the upside as this will flip our order region and we can continue to short the market like we wanted over the last two weeks into the lower levels of 2010 and below that 2000 where again we may get that RIP to the upside for any longs.

Please note, breaking above the 2050-55 level, please look higher into the 2060, 2066 and above that 2072 levels as potential targets for your long trades. Again, level to level this week please as ideally, we need to see a clean break out of this range to start the move it seems they’re preparing for.

In summary:

KOG’s Bias for the week:

Bearish below 2055 with targets below 2030 and below that 2022
Bullish on break of 2055 with targets above 2060 and above that 2066

Key level support: 2030 / 2022 / 2020 in extension 2011
Key level resistance: 2046 / 2050 / 2055 in extension 2062

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As always, trade safe.

KOG