XAUUSD - KOG REPORT!

KOG Report:

In last week’s KOG Report, we said we would stick with the same plan we have been following for most of this year. We said we would remain with the bearish view and look for lower pricing in Gold before we see the rally we have been expecting. During the course of the week, we updated traders with the intraday levels and movement which lead us to the lows where we suggested caution on shorts and that we would be looking for one of the lower support levels to bounce. It was a difficult market to follow but we got the short from above and then paused to look for longs from support. Our plan then was to short again from higher up, which we did but got stopped out at break even after taking partials. A successful week in Camelot not only on Gold but GBPJPY, Silver, US30 and the DXY to name a few.

So, what can we expect in the week ahead?

Ok, we’re going to start by saying nothing has really changed. Yes, we can see the impulse bullish candle, and yes, we can see the double bottom on the weekly. However, those in Camelot know how we have traded these double bottoms and with this one, something isn’t sitting quite right. So, we’re going to stick to the plan for now and look again for lower pricing. This is not to say we won’t be taking advantage of any bullish movement as we have been trading this up and down within our parameters and intraday trading strategies. We can see support just below and would like to see some retracement on the move from Friday, so the 1650-45 level is really important as support as well as the 1665 level we have maintained as the resistance level. You can see we’re back inside the 4H order range where the price is being propelled in either direction, this again means we will have to look at the key levels for clues to potential movement. We have key resistance above which is illustrated on the chart as well as key support below which is sitting around the 1640-50 region.

We’ll be looking for this to tap the higher resistance at some point in the early sessions, it if does we feel this would represent an opportunity to short the market into the lower support regions. If however, we get that move down into support, and it holds, we’ll then look for Excalibur to guide us to the upside before we get any indication to short again. We will as always keep you updated with the daily reviews as and when we can.

As long as the price stays below the 1695 level we’ll remain with the plan for now, but please note, we need to break that 1630 level forcefully to correct this move and hit that lower target region. We would suggest caution as its likely to be another volatile week with choppy and whipsawing price action, but, as long as we follow the rules, stick to our levels and risk, we’ll get through it like we usually do.

Since we KOG started, level to level was our moto, keep it level to level traders.

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As always, trade safe.

KOG