XAUUSD - KOG REPORT

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Today instead of looking at the daily we’ll concentrate on the 4H chart as its giving us more of a clearer picture.

What can we see? We have a trend which is active on the 4H and the hourly. We can see the price playing within it and using the trend effectively. We can see numerous attempts at challenging that 1795-90 level which have failed. There is what could be a small ascending triangle within the trend which could be a clue and would suggest to us that on Monday we may see some bullish movement in Gold. Initially we would be looking for that same level as last week 1808-12. Breaking that level and the next level above is the 1818-21 region.

Our bias again for the week ahead is bearish so we will look to take small long trades based on successful support but would be looking for that 1814-18 level for resistance and to short the market into the 1790 level and potentially lower.

We're going to keep it short this week as not much has changed from our daily KOG report from last week.

As always, trade safe.

KOG