KOG Troops. Last week we said we would be looking for this to find a bottom and then we will be targeting that 1790-95 level. That worked out well for us and the members
of the group, we managed to trade it up, wait for it to settle again and then long it again into that area. It seems Gold
is struggling with breaching the 1795 region and due to the consolidation we’re seeing there is a high possibility that we will see a break out this week. Towards the end of next week (Thurs/ Fri
) we have some news releases that again are likely to move the market. We mentioned on our group that the last time we saw volume
orders this high in a tight range around here Gold
moved 2000pips in one direction. We are only taking long positions for short quick captures as we want to find a good point of entry to short this again towards our lower targets of 1720 and below.
What we’re likely to see the beginning of this week is probably more accumulation and ranging price between the 1795 and 1760 levels. Right now we’ve closed at daily support so its likely that any small move down will be more of a test of support. We’re expecting this to go higher towards that 1795-1805 level and above that 1815-20 where we are likely to test the short as per our previous analysis and the trade idea shown on our profile page and group.
We won’t know our exact plan until the market opens and gives us an indication of direction and price action. We’ll also be relying on Excalibur to give us an indication of what’s in store. As always we’ll share this with you all.
As always, trade safe.