THE KOG REPORT - Update

Jul 24End of day update from us here at KOG:

A nice move here on Gold from the circled region below into the target level above giving traders a fantastic capture and fantastic week so far on the markets. We suggested to stick with the move and to hold runners once our targets were completed, which has also worked well.

Now, we have support here at the 2415 level and below that 2410-08. This level needs to be watched carefully and an attempt and rejection here can give us a retest upside into that level we were initially looking for 2435-40. Otherwise, we're in the order region here and we could see some ranging now between these levels 2408 support and 2430 resistance before gold makes another breakout.

For us, longs are completed now, anyone who shorted from the red box please make sure to protect and manage.

As always, trade safe.

KOG

Jul 25

Comment

We wanted higher to get a better shorting opportunity but the breakout came sooner than expected. Our plan was to stop long trades and only look to short, so that level on the break gave a nice move down into our target level given in Camelot 2380 so far. We now have support sitting below 2363, 2355 and 2350 with resistance above 2385 and 2390. For now, again we're too low to attempt taking any more short trades due to the stretch, so we'll watch the support level below. EXC is active again, so expect more downside on Gold unless we break above extreme level 2405