THE KOG REPORT:
In last week’s KOG Report we said we would be looking for price to push up and look for a reaction above, this came earlier than expected but we got the move as anticipated down into the lower regions completing KOG’s bias of the week and day. It’s at that lower level we got the perfect tap and bounce giving the long trade back upside allowing us to use the red boxes and Excalibur to trade up to where we closed.
A good week on the markets again, not only on Gold but all the other pairs we trade giving us nearly a full house of completed targets, bar NAS.
So, what can we expect in the week ahead?
For this week we’re going to keep it simple and as usual update traders through the week with our plans.
We have a resistance level above 2663-5 which if held during the early session we feel could give traders the opportunity to attempt the short trade back down into the 2650-55 region and below that 2635-30. We’re likely to get tap and bounce on the move, so keep an eye on the red boxes for the reaction level.
We’re going to play a little caution here on this bullish move at the moment and say that if we manage to break below the 2650, we will hold back on attempting the long trades, reason being there is a structure on the chart that is sticking out and it entails caution.
Like we said, simple one this week, only looking for that move unless we break above 2675, otherwise, another curveball on the way!
KOG’s bias for the week:
Bullish above 2635 with targets above 2670 and above that 2675.
Bearish on break of 2635 with targets below 2595
Red boxes :
Break above 2665 for 2675 and 2680 extension of the move
Break below 2650 for 2640 and 2630 extension of the move
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As always, trade safe.
KOG