XAUUSD - KOG REPORT!

In last weeks KOG report we suggested that we wanted to see Gold test the low and then begin the incline towards the 1795 region and above that 1803-5. We wanted to see strong resistance at those levels and mentioned that that is where we felt we would see more bearish pressure.

Please see below:

Snippet from last weeks KOG REPOT - (We’ll stick with our view from last week where we want to see more bearish pressure on the precious metal. We can expect the market to open with potentially another test on the low before beginning some form of retracement to test the higher resistance levels of 1795 and above that 1803-5. At these levels we would again like to see some strong resistance, and based on that feel these price points would be an opportunity to test the short trade towards the lower support levels of 1780 and below there 1758-55)

So what can we expect this week?

We're going to focus on the 4H chart as we have already published the daily chart on here and our group. We want to see a similar scenario to last week where we see Gold open and attempt to test the low from last week. We have Excalibur indications below and above so there will be some more movement in Gold this week. We haven't really seen much retracement from the movement down, so potentially we see Gold attempt to challenge those resistance levels above before continuing the decline. The Support and resistance levels are on the chart. Just as we have been, we will remain bearish on Gold for now, however, expect there to be swings up and down as DXY won't make it easy for us.

Daily chart projection:


We'll update as we go along during the week.

As always, trade safe.

KOG