THE KOG REPORTTHE KOG REPORT:
In last week’s KOG Report we said we would be looking for price to attempt that higher level and potentially break for higher pricing. If it didn’t the path showed the level for an opportunity to short which fell just short but worked well into the level we initially wanted.
We then published the red box targets and the bias through the week which held, and we managed to complete all bearish targets by Friday.
Was it easy? No! Did we expect that flush? No! We simply got to a stage on Friday where we could only watch or get in with the volume, so we stood back and just watched.
So, what can we expect in the week ahead?
Simple one this week. We can see potential for lower, however, we’re too low to attempt shorting this, especially with the key level 3250-55 just below and major support. For that reason, we published the red boxes to help you all, look for the break either side! Ideally, we want to support on the low from the open and then continue with the move upside into the 3280-85 level initially, which should flip us on the support at 3270-75. We could range there as there is no news tomorrow but a gradual incline is what we’re looking for.
Support 3250-55 needs to break for lower, while resistance 3306-10 is the level that needs to break to go higher. That’s our potential range for now.
KOG’s bias for the week:
Bullish above 3250 with targets above 3278, 3285, 3297 and above that 3306
Bearish below 3250 with targets below 3240, 3232, 3220 and below that 3212
RED BOX TARGETS:
Break above 3275 for 3279, 3285, 3289 and 3306 in extension of the move
Break below 3260 for 3255, 3251, 3240 and 3235 in extension of the move
Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated.
As always, trade safe.
KOG
