KOG Report: What’s in store for the week ahead
Knights of Gold 24.04.2022 20:05
Another great week for us here at KOG not only on Gold but managing to hit 21 targets on Silver, BTC, US30, NAS100 and GJ, to name a few!
In last weeks KOG Report we said that we would be looking for the 1985 and 1995 level to be targeted if the price pushed up, and that if we did get to completion of those targets, faced resistance, we would be looking to short Gold into the lower levels of 1960, 1940, 1930 and our lower target of 1895. As you can see we achieved a point to point move on Gold, straight into our higher target and then the decline began for the remainder of the week. We have achieved 1960 and 1940 with 1920 and 1895 still outstanding. Another great week for us here at KOG not only on Gold but managing to hit 21 targets on Silver, BTC, US30, NAS100 and GJ, to name a few!
So, what can we expect in the week ahead?
As we said last week, we weren’t convinced by the bullish move on Gold so we’re still going to be targeting the lower level on this. Having said that, we are expecting some form of retracement on the price. Where to? Let’s dive in and have a look!
We have some immediate levels in mind for when the market opens, these levels are where we want to see a reaction in price which may tell us if we’re going to see the retracement first, or if they’re just going to push it down further in the opening sessions of the new week! We have highlighted these levels on the chart for you, please look at these regions as price points where you may see the price reject and begin some form of retracement. 1927, 1917, 1910, 1897.
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So, we will be as always, look at this with two scenarios in mind.
The market opens, we get a swoop to the downside from the get go, we will be looking for 1927 and below that 1917 which will surpass our 1920 target. Based on support at these levels we feel an opportunity to go long on the price may exist to target the immediate levels of 1940, 1950 and above that 1963. As long as the 1895 target is not hit and the price stays below the 1960-65 level we will be looking to short again into that 1895 level. As we suggested, the price needs to remain below the 1960-65 level for us to achieve this target, breaking above this level and we will adjust our plans to target higher up. We will update on this during the course of the week.
The market opens, we get a small move to the downside targeting 1925-27, if price finds support here, we see potential to test the long into the immediate resistance levels of 1940, 1950 and above that 1960. Again, we will be looking higher for resistance to go short again down into the KOG target level. As above, price needs to remain below the 1960-65 level.
So, for this week we have the key level of 1890-95 support and the key level of 1960-65 resistance. The range in between is where we closed on Friday, right in the middle!
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Please keep in mind this is the last trading week of the month, so expect there to be some profit taking and position covering towards the end of the week.
Hope this helps in preparation for the week ahead, we will update you as we go along as we usually do. Please do support us by hitting the like button, leaving a comment and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated.
As always, trade safe.