XAUUSD - KOG REPORT!KOG Report:
In last week’s KOG Report we said the structure was bullish but we were a bit concerned about a swoop of liquidity from below, for that reason we suggested that unless the price broke the 1760-65 region we would be looking for it to come down into lower support regions. We gave the levels of 1730-35 and below that 1725 as levels to look for a reaction in price. We suggested this would be the potential range for the week which we illustrated on the chart with a range box.
As you can see, the price hit the resistance level we wanted giving a fantastic short trade into just above the 1735 level before then bouncing up into the target level we had given on the chart. We updated this idea throughout the week to track the move as well as giving the NFP report on Friday which again came down into the level we wanted to long the market again.
Hope you all benefited from the free analysis shared here as well as the morning reviews with in-depth level to level trades as well as KOG’s bias for the day. For those who are new, please put this together with the KOG reports and follow, you’ll see how powerful our level-to-level trading system is.
So, what can we expect in the week ahead?
We’re a little confused to be honest, we’ve seen this move to the upside, but Excalibur doesn’t seem to be having much confidence in it, not only on Gold, but Silver and the DXY as well! For that reason, we’re again suggesting caution in the coming weeks as we feel there is a chance for this to break below the 1755 level even though we should be bullish! We have highlighted the key levels on the chart, with the lower support being 1755-50 and above that 1765-70! If this wants to break the 1800 level it needs to do it aggressively and then hold above it, so we’ve given the resistance levels above as 1806-10 and above that 1822, 1830-35. This are levels of resistance to look for a reaction in price as well as the support levels where we would expect a reaction in price.
Now, that word of caution, higher pricing is open on Gold, this can go all the way up towards the 1850+ price point, so we need to play this as we see it, those support levels are really important, if they hold they could give some great opportunities for long trades progressing above 1800.
At this point, we will also say please keep an eye on the NFP 1H chart we shared on Friday, see indicates that smaller time frame levels and the move we were expecting for NFP, which can still take place.
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As always, trade safe.
KOG
