XAUUSD - KOG REPORT!

KOG Report:

In last week’s KOG Report we said we wouldn’t be looking for big moves to trade as it was the end of the month and quarter on the markets. We said we would be looking at the resistance levels 1980-85 and above that 2003-8 to targets for the longs trades and will look at those levels for a possible reaction in price. We gave the support levels 1950-55 as the first support level where we felt bulls will come in to try and take this up which as you can see worked well.

During the course of the week we gave the immediate liquidity regions 50-55 and 70-75 where we wanted to see the grab from above, then below and then the move to the upside. All in all a great week, couldn’t have planned it better and it moved near exactly as we had hoped.

So, what can we expect in the week ahead?

We will start by saying it’s the first week of a new quarter and month so try to take it easy, let the market settle and let them finish off what they didn’t on Friday. We’re expecting another aggressive week with more swings and choppy price action but as usual will stick with the technical view and trade the intra-day levels until we find the long term entries we’re looking for.

For this week we have the key support levels of 1960 and below that 1955 with the bias as bullish above and the resistance levels of 1990 and above that 2003 as potential target level for the long trades. We’re switching to longs with caution and level to level in Camelot this week as we’re looking at the structure and something is sticking out that looks like there could be a move to the downside on the way. For that reason we will be looking at immediate support on the short term timeframes to potentially hold, if they do then we feel this would represent an opportunity to long the market back up towards the higher resistance levels before we see any reaction in price. If, based on the higher levels we see what we’re looking for and it’s confirmed with a good set up we will be looking to take some entries for our short trades to take this back down into the highlighted levels.

Please note, this is based on the levels holding, any breaks of the levels will push the price either side. Once again this week, we’re not looking to take this to all time highs or to the basement, we’re going to let it settle, trade the intra-day levels and IF we see the right set up for the long trade we’ll take it with a risk model in place. Until then, it’s level to level, we’ll take what it gives.

KOG’s Bias for the week:
Bullish above 1960-55 with targets above 1990, 1995 and 2003
Bearish on break of 1955 with targets below 1935

We’ll try to update with the morning reviews and daily bias as we go along through the course of the week. Wishing you all a great trading week ahead.

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As always, trade safe.

KOG

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