XAUUSD - KOG REPORT! (Weekly)

KOG Report – Weekly Chart:

We’ve been saying we would be looking for a break of the previous low on this chart with no intention of forming a double bottom. However, here we need at least another 2 weekly candles to confirm this low as a short-term support. An engulfing bullish candle would be ideal to leave this price range and bulls will be looking to close next weeks candle above the 1710 level. Swing is still in play so any retracement to the upside could tap into the liquidity as high as 1730 before then another decline in price. This chart is more for reference, for now, lets stick with the plans and targets we’ve been suggesting in previous reports.

Weekly support is just here, with weekly resistance sitting at 1710-20.

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As always, trade safe.

KOG