In last weeks KOG report we suggested that we would ideally like to see support around the 1750-45 levels and then the price to rise targeting the 1770-1785 levels. We saw the price support around 1749 and rise just above the 1800 level where if you look at last weeks analysis we got a great entry for a short on Gold. We have now taken 80% of this trade of the table and moved the stop to entry. Well done to those who followed, it was a nice trade to end the week with.
So what can we expect in the week ahead?
After the movement we experienced last week we would expect there to be more selling at some point over the week ahead. We can see the immediate support just below around the 1755-50 level and we would like to think there would be some retracement on the the aggressive bearish move. We will be looking for this to open with some ranging price action and then potentially an attempt to target that 1775 level. Resistance at that level could be a possible shorting opportunity to target the lower levels of 1735 and below that 1704-8. 1735-25 is an important level, for this to resume bearish pressure we need to see break with a daily candle close below it. We're at a price point where the pattern is complete, we're holding shorts from above so will not be adding anymore around this level. We're going to trade this carefully as there could be a chance that this does a complete turn and goes back up to target the 1800 level again as we've illustrated on the chart.
We've shown the trend on the chart as well as the support and resistance levels. Please feel free to add these to your charts.
KOG will be offline from Monday evening through to Thursday afternoon so we wish you all the best with your trading in the week ahead. As always, trade safe.
Nice one, should see price continuing lower, however we might have a pullback to a higher level before that
KnightsofGold
⋅
@ForexTrendline, Hi Thank you. We can all see your charts on the main tradingview ideas page. There is no need to also keep publishing them on our thread. Thank you for your understanding. KOG