THE KOG REPORT THE KOG REPORT:
In last week’s KOG Report we said we would be looking for the price to start by attempting the higher resistance 2510-15 and based on the flip we would see an opportunity to short back down into the 2480-85 region. It was here that we suggested traders look for the set up to go long and target the higher levels again, which worked very well for us, both down and up. We then released the NFP KOG Report and gave the levels we would be looking to either long or short into, and on the flip look for the reaction in price. We managed to get a move into that higher level, completing our Excalibur targets and then getting the RIP from that level all the way back down into where we closed on Friday. Some traders even managed to get the long from the order region market bullish above, which should have been protected and partials taken.
Another great week in Camelot not only on Gold but US30 giving us a pin point level to level move for a phenomenal short, as well as all the other pairs we trade performing well.
So, what can we expect in the week ahead?
For this week we’re going to keep it simple to start the week! We’re still in the range and price is still accumulating so we can’t get to concerned here with the longer-term direction, we’ll simply have to play the chart with what It’s presenting us.
The ideal scenario here is we see price attempt an undercut low and then start the incline into the higher levels 2505 and above that 2510-15 again. Therefore, key level support is sitting at the 2480-85 region, and our bullish above bias will still stand for this week based on that attempt to break above that 2515 price mark. If we fail here, the swing will continue to play, and we should see price attempt to break below the 2485 region and attempt to attack the order region 2450-55 which is where we feel the ideal position trade will come from.
As above, 2510-15 is a key level resistance here as breaking this level will lead to further gains on gold with that 2530-35 region again as the target level for the week.
KOG’s Bias for the week:
Bullish above 2485 with targets above 2510, 2515 and above that 2530
Bearish on the break of 2485 with targets below 2477 and below that 2465
As always, we will update traders through the week with our plans, KOG’s bias of the day and the Red Box strategy whenever we can.
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As always, trade safe.
KOG
