XAUUSD -KOG REPORT

Its been a consolidating week last week for Gold, we've seen ranging price action between the two levels giving scalpers a good opportunity to capitalise on the on market movement. Last week we were looking for the price to come down towards that 1770-65 level where we were hoping to find support to take a long trade targeting the Excalibur target zones.

There hasn't been much change in our view, this week we'll look for the same. We're in a high volume area with two prices that stick out, 1770 and 1780. We have to targets above at around the 1795 region where we're hoping the price will go to during the course of the week. The chart illustrates the levels we're looking at for potential reversals on Gold and also shows that breaking the level of 1814-18 could lead to higher pricing in Gold.

Our plan:

We will look for a short-term long trade for the early part of the week targeting the 1795-1800 levels. If we get to those levels we'll then wait for the price to form a strong resistance where we will look for a short. Our lower targets stretch all the way down towards 1575 on the daily but that daily trend line is really important so lets trade it how we see it.

We have some high impact news this week with the Jackson Hole being the main event. The press conferences will move the markets so please trade carefully. Press are not allowed inside the venue so there will be regular press conferences and statements throughout the event.

We've shared our levels, trends and zones with everyone, so please do add them to your charts and use them.

As always, trade safe.