XAUUSD - KOG REPORT!

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KOG Report:

11/09/22

In last weeks KOG Report we suggested we would be looking for a small bull run up towards the 1730-35 price region and above that the 1745-50 price points. We wanted to see the 1705-8 level act as support before taking the move up into the support level where we said there could be an opportunity to short the market. We stopped just short of the level we wanted and achieved 1726 where the short came from down into the lower region we had illustrated.

So, what can we expect in the week ahead?

We can see the price now comfortably ranging with a high of 1730 and an inclining low preparing for another breakout, which could come early part of the week. We’re sticking with the bearish view, however, we’re still expecting this short run to the upside. That level of 1730-35 and above that 1745-50 is still on the cards and a potential bullish target. This region will either be tapped into before another decline or, this region will give traders a target from the lows. We have support levels below of 1714 and below that 1710-8, this is a key level now which, if the price remains above, we feel will give the long trade up towards the 1730-35 region. The flip side of this is if that level breaks in the early sessions, in which case we will be looking for lower pricing before coming back up to target that level. Our ideal scenario here is to take this to the upside before looking for a short trade to carry this down again. In this respect, nothing has changed from our original plans in past KOG Reports.

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As always, trade safe.

KOG