XAUUSD - KOG REPORT!

19/02/23

KOG Report:

In last weeks KOG Report we highlighted the levels and plan where we were looking for the short trade down into the 1820 support level. We gave the level of 1860-55 as support for the early week range before the push up where we were expecting the price to at least target the 1880-85 level. Instead, bears took over earlier than expected and the short came from the spike into 1875. We also highlighted on the chart where we would be expecting a reaction in price from the support region which gave a wonderful TAP AND BOUNCE so far.

So, what can we expect in the week ahead?

We can see quite a reaction from the support level with bulls coming into play, however, they really need to tap into the higher levels in order to cover positions or to take this above 1900 again. For that reason we now have the order region again at 1830-35 where price needs to stay above for this to go higher, breaking this level to the downside will continue the move and we are likely to see below 1800’s on Gold! This makes the structure a bit difficult this week, as we’re expecting a ranging market on Monday due to the holidays, so they will use the base to accumulate orders and then potentially propel the price in the later part of the week.

We have highlighted the levels to look for and what we’re expecting. Support holds and we’re good for the long trades up into the resistance levels but be careful of the break.

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As always, trade safe.

KOG