XAUUSD - KOG REPORT!

4H Chart:

In last weeks KOG Report we said we would stick with the technical view and remain with the plans we have been following for the last few months. We said we would remain bearish on Gold, and we would like to trade this down with the view to capture a long trade from the support levels below. We gave the price regions of 1740, 1735 and 1730 with the resistance level of 1760-65. As you can see, the illustration played almost to perfection with the price going up into the resistance region before taking the decline that we wanted. What hasn’t happened though is our lower target hasn’t been hit! We said we had our sights on the 1710-13 level which was sticking out to us, so for this week we will remain with the same view.

Here we can see a clear break straight into support where we are holding right now. We would suggest looking for an undercut low potentially around the 1730-27 price region before attempting to take any long trade back up towards 1750-60. A move to the upside from the get go and resistance at 1750-60 could see this gather enough of a retracement to come back down and break the support level.

Key levels here:

1750-60
1730-35
Break of 1730 and we will hit our target level of 1713 which is what we wanted last week.

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As always, trade safe.

KOG