XAUUSD - KOG REPORT!

KOG Report:

In last weeks KOG Report we said we had the higher resistance levels in mind of 1865-70 and the lower support regions of 1840-45 immediately with 1830-35 below that. We suggested the price may play this range with the possibility of a swoop either side to grab liquidity before moving. We suggested the price would make an attempt to retrace in the early part of the week so gave the levels to look for if shorting the market and the levels to look for to go long into those higher resistance levels. During the course of the week we updated traders with our view and suggested we weren’t ready to go long until we confirm the support and see the reversal. We identified the pattern and support for the long near enough pip perfect for the entry and gave the first initial target of 1830 resistance while in Camelot Excalibur had already given us a target region of 1863 which was completed by Friday close after NFP.

We managed to complete our targets on Gold, Silver, NAS, FTSE and had a fantastic week on US30 completing all of our lower targets as well as the other pairs we trade.

So, what can we expect in the week ahead?

We would like to start off by saying there are a lot of external factors that are bringing volume into the markets which will certainly cause extreme and aggressive moves in the coming weeks, so your lot sizes and your risk management as well as being flexible in your bias are important.

For this week we’re going to stick with the 4H chart and levels with the support and resistance levels illustrated as well as the levels we feel there will be a reaction in price. We have the lower order region now sitting at 1855-55 with the one below at 1835-30 as the bullish above bias and the level of 1870-75 and above that the order region of 1880-1895 as the key level resistance. We can see a potential tap into the upside immediate resistance as potential for the early sessions before then an attempt at a correction into the lower support levels where we feel we may build base. Upon successful support and confirmed reversal we feel this level would represent an opportunity to long the market for the higher levels before we see a reaction in price.

Although the news events and environment we’re in are suggesting a commodity bull run to all time highs we don’t feel we’re ready yet so will stick with our view and analysis for now.

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As always, trade safe.

KOG