KOG Report: The week ahead for GOLD - 17.04.2022

KOG Report:  The week ahead for GOLD   - 17.04.2022

KOG Report:  The week ahead for GOLD   - 17.04.2022 - 1


In last weeks KOG Report we said we were not convinced by the bullish move from the previous week and would be expecting the market to go a little higher to target the levels of 1970 and above that 1975 where we would be looking to protect and take most of the profits on any longs and then waiting to short the market into the lower support levels initially. We suggested that we would like the market to open, target the 1950 level and then drop into 1940 where we would be looking for support. As we suggested the market played out exactly as planned, not only down into support but then up into the 1970 and 1975 regions. We ended the week in Camelot with 19 targets hit across 22 trade ideas. Another phenomenal week for us and our members here at KOG.

So, what can we expect for the week ahead?

Again, we’re going to keep it quite simple this week as the plans from last week haven’t really changed. We can see another push to the upside into the 1985 and 1995 levels and potentially just a little higher around 2003-8 where again we will be looking for the market to correct at some point during the course of the week. We have a lower level of 1920 and 1895 which we’re targeting as long as the price stays below the 2000 level. Breaking this level to the upside on the Daily and closing above it will negate our plan temporarily.

Immediate supports stands first at the 1960 level and below that just above 1950, this is where there is likely to be a reaction in price to the downside. On the flip side, immediate resistance stands 1980-85 which is also where we are likely to see a reaction in price. We have a pattern test around the 1995 level with a lot of imbalance above, so its likely we will see bullish movement but as we’ve said, we would like the pull back first into the lower support regions.

We would like to make it clear that we have a higher target on Gold around 2090 but we want to get a good entry from below for the swing trade so this will require a lot of patience along with trade management.

So, we will as always look at this with 2 scenarios in mind:

Scenario 1:

The price begins by declining into the lower support region of 1960 initially, this is where we feel there could be an opportunity to target the long trade into the above resistance levels with the complete target being at 1985. This is where we will be looking to protect any long trades and taking a majority of profits of the table. We would like to see this target the higher levels where we will be looking for signs of a reversal to take the short trade back down into 1940, 1920 and below that 1895. IF we do achieve those lower levels we will be looking to go long again to go higher!

Scenario 2:

Price pushes to the upside and targets the 1985-95 levels, if we face resistance here we will be looking to short the market back down into the first key resistance level of 1960, below that 1940 and a break of that the level we’ll look for 1920. At this point we will take it step by step looking for signs of a reversal to again go long and target the higher targets.

In summary:

So, our key levels are 1960 and 1985 as immediate targets to the upside and downside. Price needs to stay below the 2000 level on close for us to continue targeting the 1895 level. A break and close above 2000 with confirmation of the movement and we will start looking to target the higher levels.

We’re not expecting much during the start of the week so its possible we will just see the market range and prepare for a breakout in either direction. We will of course share our daily levels and plans as we progress throughout the week.

We will try to share the daily and monthly levels and structures at some point during the course of the week so you can see what we’re looking at and what we have been observing in Camelot.

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 are very much appreciated.

As always, trade safe.

Knights of Gold

Knights of Gold

-Technical Traders of Precious Metals and Currencies. specialist in Gold. -TradingView Top Author #XAUUSD