KOG Report: Waiting for Gold to breakout!

KOG Report:  Waiting for Gold to breakout!

KOG Report:  Waiting for Gold to breakout! - 1

https://www.tradingview.com/chart/XAUUSD/kv5fNWth-XAUUSD-KOG-REPORT/

In last weeks KOG Report we said we had two main targets in mind for the week, the 1865 level and the 1780 level. We mentioned the 1850 level and 1835 acting as almost a range pivot with the price playing within it and that we would be looking for a break of either level to then go long for 1900+ or short for 1780. We suggested in one of the scenarios that if the price opened and gave a signal to the upside we would target that 1865 region and look for a rejection in price. We felt rejection at that price point would give the opportunity to short the market back down with the initial target being 1835. Well, we got the high 1869 and the low of 1840. We updated the rest of the week with our reports and suggested playing the range, which is what we were doing in Camelot.

It was a choppy market with a small range for Gold which was there to frustrate traders, the only way to trade it was to scalp the levels which we provide during the week.

So, what can we expect in the week ahead?

We’re going to keep it short this week as not much has changed; they’re converging MA’s and again looking like the breakout is imminent. This kind of price action is there to gather orders in one area or region for the market to then accumulate enough to move it to where they want to take it. This is usually where traders get stuck in the wrong direction as they buy the high of the range or sell the low of the range. For this reason, we would suggest you trade again with caution this week and use the levels provided to look for breaks and closes on the Daily candle. We have some long-term indications above in Camelot but for this week we’re not going to concentrate on them, rather look for the ones below to be completed as long as the price stays below the 1865 level. Our immediate range as it stands is 1865 to 1835, again it’s a case of one of these levels breaking and turning into support or resistance for the price to then either go up or down!

So, we’ll look at this as usual with 2 scenarios in mind.

Scenario 1:

Price opens with a positive signal and taps into that 1855-65 region, we will look there for resistance in price and as long as those price points hold, we see this as an opportunity to short the market into the first level of 1850, 1840 and below that 1835. At 1835 we will then look to take a majority of the trade of the table and then assess the price action, if its starts supporting.

Scenario 2:

We get a negative signal in the early sessions, we will look for the price to target the 1840-35 level, based on support here we feel this could represent an opportunity to then long the market back up towards the 1850 level where we will again look for a reaction in price. Please note, breaking this level will lead the price into the lower target levels of 1820 and potentially below that 1810!

We have a relatively low volume first half of the week with not much news to drive the market, however, it’s the later part of the week, Wednesday onwards where we are likely to see some movement in Gold. For this reason, its likely we’ll have more ranging and choppy price action until this makes its move. We’ll update the plan as we go along, at the moment you can see not much has changed from last weeks KOG Report because the market hasn’t really changed.

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.

KOG

Knights of Gold

Knights of Gold

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