XAUUSD - KOG REPORT!

Welcome traders to the weekly KOG Report.

In last weeks report we said we wanted to see some retracement on the price and then see it continue with the bearish movement we had experienced the week before. As we said, the price went up propelled by FOMC and then resumed the decline as we expected. Traders who have been following should have been holding positions from the 1805 level which are now protected.


What can we expect this week?

Again, we are looking for a similar scenario this week. We want to see the price find support around this region and then begin a small incline targeting the near resistance levels above. As long as the price stays below 1785 we will remain bearish and only be looking to add to our short positions.


Hourly: Possible movement for Monday and Tuesday.


Our daily chart. We will stick with the targets lower down as long as the resistance levels hold above.

Things to look out for this week: Numerous FOMC member and Fed chair speeches this week so expect there to be some volatility across the markets.

We will update the charts and analysis as we go on throughout the week.

As always, trade safe.

KOG