|XAUUSD| Gold Price To Plunge Below $1800!? KOG Report: The week ahead for GOLD!! - 08/05/22

|XAUUSD| Gold Price To Plunge Below $1800!? KOG Report: The week ahead for GOLD!! - 08/05/22

In last weeks KOG Report we were looking for some bullish momentum for Gold which we didn’t get until the end of the week. We wanted to see the price swoop liquidity from below in the immediate support regions and then begin an incline to target the higher levels we had identified before then dropping into the lower KOG targets. Instead, we can see the price continued the decline until the later part of the week completing our lower target and then beginning a small incline in price. Did it go to plan? No! We hit the target but not how we wanted to.

08/05/22 - 1

https://www.tradingview.com/chart/XAUUSD/u9lYCBa2-XAUUSD-KOG-REPORT/

So what can we expect in the week ahead?

Not much has changed from our view from last week, we’re still looking for some bullish price action to target that higher resistance level where we want to see a reaction before then taking the swoop of the low.

There is a huge possibility they can open by undercutting the low from last week, so this is a key area we want to keep an eye on. The region stands around the 1850 psychological level where there is likely to be a reaction in price action. If we open and target that low without breaking it this time then there is a chance, they will take this up before again trying to bring it down again. So, we will use the same NFP chart we used last week and look for the same areas again this week for our entries and exits. As always, we will trade this with two scenarios in mind.

Scenario 1:

They open and push the price down first, targeting that 1850-55 price region. Based on support at this price point we feel this would represent a good opportunity to go long on the market to target that 1915, 1920 and above that 1927-30 price point. As the chart illustrates, this is where we will be waiting again to short the market back down into the 1885, 1850 and below that 1830 price points.

Scenario 2:

This would be ideal for us. They open and push the price to the upside targeting that 1915 level and above that the 1925-30 price region. This is where if we have take any long trades we will exit and then look for resistance to target the lower levels of 1850 and below that 1830.

Our targets for the week are:

Lower:

1845

1833

1821

Higher:

1895

1917

1933

1940

In summary:

We are level to level at the moment following Excalibur where ever it is taking us. We’re waiting for the higher of lower extreme levels to take our longer term positions for either the long into the 1930 price region from below, or, the short from the higher key level above. The ideal scenario as we said is for the price to push up during the early part of the week and then take the decline we are waiting for. Where are we targeting to the downside? Let’s just say we have a target around the 1790 price point. Whether it gets there or not is to be seen, but this is what we’re looking at in Camelot.

As always, we’ll update this during the course of the week with our morning reviews and the changes in our plans.

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