XAUUSD - KOG REPORT!KOG Report:
In last week’s KOG Report, we said we would be expecting to adapt our plan over the week as we were expecting the range and choppy price action to continue. We suggested sticking with the same plan and levels from the week prior which worked very well to give us the trades within the range. The short-term swing we were expecting for the move to the downside came in the later part of the week after we managed to take the long trade back up into range high giving us a short opportunity we wanted. So, we wanted to short down, then long up before shorting down, instead, we got the long up, short down and long up. A decent week on the markets again but a very frustrating range to have to deal with.
So, what can we expect in the week ahead?
For this week we can expect some more choppy and whipsawing price action during the first half due to FOMC being on Wednesday. We’re expecting them to want to clear the voids and grab liquidity from the highs and the lows, so for that reason we’re going to start by suggesting we continue to scalp the range for the first initial sessions while we assess the price action. We’re then going to be looking for the two key levels to hold price, either from above to go short, or, from below to go long.
Key levels are the order region 50-55 with the break below taking us into 30-35 previous order region which are levels we would expect to see a reaction in price. Resistance levels now stand at 80-85 key level and above the institutional level 90-95 which price needs to remain below for this to continue with another decline.
So, in summary, we have a potential range now forming between 40-45 support and the resistance levels of 80-85 with extension into 90-95 for the spike. Scalps in-between with KOG’s bias of the day and the levels with the view to take the longer position from the levels illustrated on the chart.
Its going to be another difficult and frustrating week to navigate so please exercise patience in your trading, wait for the price to come to your levels, don’t force the trades just to be in the market. Always remember, cash is also a position in the market. We’re going to take it easy until FOMC, smaller lots and smaller captures before we hunt for the trade of the week.
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As always, trade safe.
KOG
