THE KOG REPORT

5 dni temu

THE KOG REPORT:

In last week’s KOG Report we said we would ideally like a retracement on the move from the week prior, however, if that 2650-55 level managed to keep us afloat, we would be looking to long into the bias levels and targets that were given. Gold had no mercy for bears, literally a straight line move completing all of our red box and bias targets as well as our Excalibur targets (x8 targets just on Gold). Not much more we can add to last week’s analysis, the Election special post is also playing out well, giving the move down into the hotspot and then the bounce for the long into the levels we wanted.

So, what can we expect for the week ahead?

We have immediate support below at the 2710 level as shown on the chart, this is a possible pullback region if they want to complete the move from Friday up into the 2720-25 region. It’s that region we want to monitor for the break, if it does, like we expect it to, pullbacks should be available to long into the 2740, and above that 2750 price points. Ideally, the 2750-55 region is what we want to be attacked from the get go, to then give us an opportunity to attempt the short trade back into the lower support region.

We need traders to be aware, 2730-35 is an order region and needs to be broken on the daily for price to attempt higher. We’re still playing caution on this move and on top of that, with it being the end of the month, we’re not yet discounting a complete turnaround here taking us back below the 2700 region. Please make sure to control your risk and use a sensible lot size which is in accordance with you account size.

Another simple one this week, as always, we will update traders throughout the week with our plans. Keep a watch out for the red boxes and KOG’s bias of the day.

KOG’s bias for the week:

Bullish above 2680 with targets above, 2730, 2741 and above that 2750
Bearish on break of 2680 with target below 2655

RED BOXES:

Break above 2720 for 2724, 2727, 2739 and 2750 in extension of the move
Break below 2710 for 2704, 2696, 2680 and 2668 in extension of the move

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As always, trade safe.

KOG