XAUUSD - KOG REPORT!

21/08/22

KOG Report:

In last weeks KOG report we said we would be looking for higher pricing before any signs of weakness. We gave the 1806 level to look out for, but Gold could only achieve 1802 before the decline we witnessed over the rest of the week! Our targets were lower on all timeframes from which you can see most have been achieved. We committed to the bearish move and have been following the same plan now for months, taking this up level to level and then down to complete our targets. We updated traders during the course of the week with the levels to look for and again, you can see how they have worked out.

We completed targets not only on Gold but Silver, GJ, OIL, DXY and US30 where we managed to catch the top for the short. Hope traders have benefited from what has been shared.

So, what can we expect in the week ahead?

We’re going start by saying we have the Jackson Hole Symposium this week so there is likely to be a lot of movement in the markets coupled with extremely choppy price action as the week progresses. Having said that, we will stick with our technical view and the plan we have been focusing on over the previous months. We feel there is a short bull run on the way so we would like to trade this down with the plan now to capture any short-term lows to take this back up towards the 1780 level. Levels that stick out at the moment are 1740 and 1735-30 with immediate resistance around the 1760-65 level, however, because of Jackson Hole this week there is an extended move on the horizon which can take us down towards the 1710-13 level, this is something we have to keep in mind this week, if they move it!! They’re not going to make this easy as you can see but the long term charts are playing out well and we would love to see this complete the move all the way down to that 1660-80 level and potentially below.

So, this week we’ll look to remain bearish on Gold as long as the price is below the 1775-80 level taking longs level to level anticipating a sharp move to the upside but the bias being short again. If we can swoop the lows on opening and then go higher into 1760-65 and above that 1770-80 it would be perfect to then hunt again.

Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated.

As always, trade safe.

KOG