XAUUSD - KOG REPORT!

KOG Report:

In last weeks KOG Report we had a target point in mind to the upside which was around the 1820 region. We suggested price stay below the 1806-10 region in the early sessions to allow us to short the market into the lower support levels before then attempting the long trade to target that 1820 level. We said we would like price to remain above 1770-75 for it to resume the bullish move which a reaction level of around 1760 and below that 1750. As you can see, not only did price complete the move into the target region giving the long, we also had a fantastic reaction in price from there which gave another opportunity to short back down.

So, what can we expect in the week ahead?

We’re going to keep it short this week as we’re taking our foot off the peddle as we approach the end of the year. It’s been a fantastic year in Camelot having tracked and traded Gold all the way up, all the way back down and then up again. For this week we will say concentrate on the levels above to potentially act as resistance in the early stages of the week. The level above again is 1806-10 but now the one above is slightly higher at 1825-30 with the lower support immediate support being the 1785 level. 1785 and 1775 are again the levels that need to be broken for this to go lower, and 1810-06 is the level this needs to break and hold above for this to go higher. This give us our potential range for the beginning of the week, so any ranging could be played within these two regions.

Ideally, what you want to see here is a tap into the high before an engulfing bearish candle to get this move to the downside into the lower support levels. Any rejections above we feel are opportunities to short the market, if it goes up first! A push into the downside first and we would suggest waiting for the support levels to be confirmed before attempting to take the long trade. We feel the long to go back up may just come from lower down.

The levels are marked up on the chart as well as the path we hope to follow. As usual we will update traders throughout the course of the week with the morning reviews, levels and bias as well as the end of day updates.

We’ll end by saying it’s the last couple of trading weeks of the year, the markets have been extremely choppy most of this year but we’ve managed to stay ahead and the right side of them throughout. Please take it easy over the next couple of weeks, trade lightly and prepare yourselves for the new year and a continued trading journey.

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As always, trade safe.

KOG