XAUUSD - KOG REPORT!
In last weeks KOG report we said we were expecting more bearish pressure on Gold but a lot of choppy price action. Gold didn’t disappoint! We said we could see the 1830 target being achieved and below that 1827-17. We then updated members with the FOMC report which gave a roadmap towards achieving even lower targets. We ended that week around the 1777 price region.
So what can we expect this week?
This week is going to be really important as not only to we have a weekly close but also a monthly candle close. We can expect this whipsaw, choppy price action to continue and give retail traders a a very difficult time trying to trade these moves. As we’ve been saying small lots give you flexibility in the markets, they allow you to trade without too much panic when the price moves aggressively.
We’re going to keep it really simple this week due to the fact it’s the end of the month and we’re trading very lightly on Gold. We can see a potential challenge on the 1815-18 price region at some point, this is also the trend line resistance and fib retracement on the recent bearish movement we’ve had. If the price goes up there first we will look here to see how the price reacts, the thing with Gold is it likes to throw traders off so it is very likely they can spike this back up further to that strong resistance level of 1830-35.
So firstly we would like to see some bullish movement towards that 1814-18 level to see how the price reacts there. If we see strong resistance this could represent an opportunity to short the market again and target those lower levels. Breaking above the mentioned level will lead the price to achieve more gains and target 1830-35 first, above that we will likely see a challenge on 1850 again.
If price stay below the 1797-9 level and we see resistance is strong its likely Gold will continue to try to test those lower levels, first target being around 1777 and below that 1770.
We're expecting Gold to remain bearish however, we're not discounting one more test on those higher resistance levels. For that reason for this week we will be playing this level to level rather than trying to capture longer term trades. End of the month members so please trade this carefully.
Resistance levels:
1797
1804
1807
1814
1817
1826
1830
1835
Support levels:
1792
1785
1782
1777-5
1770
As always, trade safe.
KOG
So what can we expect this week?
This week is going to be really important as not only to we have a weekly close but also a monthly candle close. We can expect this whipsaw, choppy price action to continue and give retail traders a a very difficult time trying to trade these moves. As we’ve been saying small lots give you flexibility in the markets, they allow you to trade without too much panic when the price moves aggressively.
We’re going to keep it really simple this week due to the fact it’s the end of the month and we’re trading very lightly on Gold. We can see a potential challenge on the 1815-18 price region at some point, this is also the trend line resistance and fib retracement on the recent bearish movement we’ve had. If the price goes up there first we will look here to see how the price reacts, the thing with Gold is it likes to throw traders off so it is very likely they can spike this back up further to that strong resistance level of 1830-35.
So firstly we would like to see some bullish movement towards that 1814-18 level to see how the price reacts there. If we see strong resistance this could represent an opportunity to short the market again and target those lower levels. Breaking above the mentioned level will lead the price to achieve more gains and target 1830-35 first, above that we will likely see a challenge on 1850 again.
If price stay below the 1797-9 level and we see resistance is strong its likely Gold will continue to try to test those lower levels, first target being around 1777 and below that 1770.
We're expecting Gold to remain bearish however, we're not discounting one more test on those higher resistance levels. For that reason for this week we will be playing this level to level rather than trying to capture longer term trades. End of the month members so please trade this carefully.
Resistance levels:
1797
1804
1807
1814
1817
1826
1830
1835
Support levels:
1792
1785
1782
1777-5
1770
As always, trade safe.
KOG
🔵 FREE TELEGRAM CHANNEL: t.me/KnightsofGold
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
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