THE KOG REPORT

7月28日

THE KOG REPORT

In last week’s KOG Report we said we would be looking for the lower levels to hold up the price, and only be looking to long into the levels 2410 and above that 2420-25. We had highlighted the region above we wanted to then attempt the short trade from which you will see was circled and price rejected from nearly pip perfectly. Not only did we get the point to point long trades which we were updated through the week, we got the pin point short as well. Now, from the level we wanted to target for the shorts, we’re in long, partials taken and protected ready for a new week of trading.

Week in, week out in Camelot it’s a similar story not only on Gold but the numerous of other pairs we trade and analyse for our team.

So, what can we expect in the week ahead?

This is week is really important, so we can expect there to be a lot of choppy price action and whipsawing across the markets. We have FOMC and NFP this week plus it’s the end of the month, we would therefore suggest traders take it a bit easier on the markets, reduce lot sizes and play defence, only picking the best setups and staying out of the potential small ranges.

We have support below 2375 and key level 2367-5 which could be potential target levels for price on opening. It’s these levels here that need hold up price to continue this structure upside into the 2295-2402 price points which for this week are key level resistance. A break of this level and above that 2410 will then take us back up towards the 2430 region and potential complete the move back up towards 2450. The range this week is bigger due to the news volume we’re expecting this week, so please be cautious.

As above, t's that 2410 level, which, if approached needs to be watched carefully, a set up there with a clean reversal could give those looking to short an opportunity to again target the lower support levels 2355 and on the break, 2330-25. Ideally, if we can get down into 2325-20 we feel the long trade awaits us.

We’ll update traders as we go through the week and of course we’ll publish the FOMC and NFP KOG Reports.

Key levels for your charts:

Support – 2376 / 2365 / 2353 / 2341 / 2330
Resistance – 2388 / 2399 / 2410 / 2420 / 2435

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As always, trade safe.

KOG