THE KOG REPORT

1 dic

THE KOG REPORT:

I last week’s KOG Report we wanted the lower support level to hold 2710, give us the push up into the higher resistance level where we said watch 2720 and 2730 which needs to break above. It’s those higher levels, in particular 2750 we wanted to attempt that short trade back down into the lower levels. From the open, price resisted 2720, failed to break and gave us the red box trades down into the support levels.

We then had to switch to level-to-level trading due to the ranging which worked well, but we only managed 5 out of 6 Gold targets out of a combined 16 targets completed across the other pairs.

During the week we updated traders with the plans and managed guide them up from the lows to where we closed the week.

It was another successful and consistent week; however, the market didn’t move completely how we wanted it to. The Election special chart however, still on track and working well with our view from the start of November.

So, what can we expect in the week ahead?

Ok, it’s going to be another choppy week, trades are most likely going to be again level-to-level on the red boxes which we will share with the wider community as and when we can. We have the level of 2670 sticking out as resistance with the support level 2650-55 being the key level. With NFP on Friday we would expect most of the movement during the early part of the week before they then settle pre-event into a small range. The weekly key level here is 2620 which will need to break for price to go lower.

We’ll start the week again looking for the higher levels 2662-5 and extension of the move into 2670, if held, an opportunity to short may be available into the lower support level 2650 and below that 2640. We need price to hold above the 2640 region in order to continue higher into the 2675 and above that 2678 price points, so please keep an eye on the support levels.

On the flip, if we continue downside from the open, we will be looking at the 2640-5 region to hold, and if it does, an opportunity to long is on the horizon into the 2665 and above that 2675 region.

KOG’s Bias for the week:
Bullish above 2640 with targets above 2655, 2665 and above that 2670
Bearish on break of 2640 with targets below 2635 and below that 2620-15

RED BOXES:
Break above 2652 for 2660, 2665, 2670 and 2675 in extension of the move
Break below 2640 for 2635, 2630 and 2617 in extension of the move

As usual, we will update traders through the week with KOG’s bias of the day and the Red boxes which have proven to work extremely well on not only gold, but also any other pair you wish to apply them to together with our basket of indicators.

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As always, trade safe.

KOG