THE KOG REPORTTHE KOG REPORT:
In last week’s KOG Report we said we would be looking for the market to open, test the high and then give us the short trade into the lower red box levels. We gave the levels of 2775 and 2755-60 to traders for potential RIPs of which the 2775 region gave us the tap and bounce that we wanted to get that long trade.
We mentioned our target level of 2828 which was active and as we saw, it not only completed but was surpassed. During the week, we updated traders with the plans for pull backs and red box target levels, of which again, nearly all were completed. That along with another 8 Excalibur targets just on Gold!
An extremely decent week on the markets in Camelot, not only on gold but the numerous other pairs we trade and analyse.
So, what can we expect in the week ahead?
For this week we’re in a similar situation to the last two weeks, price has close high and it’s too risky for us to attempt long trades up here unless we’re scalping the red boxes. We have the immediate resistance level above of 2865-8 which is a potential opening target if they take this upside from the open. This is a key level and needs to be watched, if rejected this could be the first opportunity to short again into the lower levels of 2855-50 and below that 2830-35. If broken, we’ll look higher at the 2895-2902 (target region) level for another attempt.
On the flip, ideally we want to see this go down into the first region 2830-5 for the bounce, and then flip the resistance to continue the move downside into the lower support and red box levels which is where we will be waiting again to swing this long.
In summary, expect ranging first part of the week, potential for 2885 resistance and 2855 support which are the levels that need to break to determine the next move. Don’t get carried away with trading it to the moon or shorting it to the core of the earth. Trade it how you see it on the day, follow KOG’s bias of the day and the red box targets which are proven to be effective for day traders and scalpers.
KOG’s Bias for the week:
Bearish below 2875 with targets below 2855, 2850, 2845 and below that 2835
Bullish on break of 2875 with targets above 2890, 2897, 2899 and above that 2902
RED BOXES:
Break below 2850 for 2847, 2844, 2839, 2835 and 2826 in extension of the move
Break above 2860 for 2865, 2872, 2874, 2890 and 2902 in extension of the move
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As always, trade safe.
KOG
