XAUUSD - KOG REPORT!

4H Chart:

In last weeks KOG Report we suggested that we could see an undercut low on the cards and that if the pattern completed then we would be looking at the 1680 level on the Daily structure. We suggested the immediate resistance levels of 1745-50 to look for the short trades before finding the bottom to take this back up. We said we can see a small bull run around the corner and to look for the long trade back up towards the 1735 and above that 1750 price point. As you can see, the move completed to the 1688 level before the rejection and then the move to the upside commenced.

So, what can we expect in the week ahead?

We’re going to keep it short this week as there isn’t much of a change to last weeks analysis. We are still looking for a small bull run upwards first into 1730-35 and above that into 1745-50. These are the level that are sticking out at the moment so and longs for the lows will be targeting above. Our key levels are 1705-8 support which the price needs to remain above for this to complete the retracement with the immediate resistance level being 1730. What we want to see here is if they have been holding back the move they should have made last week where a potential short opportunity could arise from that 1730-35 level.

There’s a lot going on in the news and markets are still moving aggressively across most instruments. The range on Gold is huge so please trade it with care, trying to catch the tops and bottoms isn’t likely to work, neither is trying to swing trade it, unless you have huge stop losses.

Would like to see this low hold for now and we’ll look up above for and signs of rejection.

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As always, trade safe.

KOG