XAUUSD - KOG REPORT!

7 Nov 2021

In last weeks KOG report we suggested we would like to see a test on that 1830 level one more time, we said we would expect the price to test both the levels on the weekly triangle which is nearly exactly what has happened. We hit the low of 1758 and that’s exactly where the price bounced from to start this aggressive bullish move that we’ve seen. We also said we had an Excalibur target at the 1812-17 level which we hit on Friday!

So what can we expect in the week ahead?

We’re going to start with the daily chart to show you the trend we’re still in also highlighting the range resistance and the range support. We would expect there to be some more bullish momentum in the sessions to come, however, we need to be cautious here. As you can see its likely we’re heading for the range resistance level, there will be a lot of break-even traders here as well as a lot of stop losses above this level. We have indications of a price move towards the following levels, 1829 and above that 1841. Based on this we would expect the price to find support in the early part of the week around the 1800-04 level with lower support at 1797-95.

If the price comes down to these levels before targeting the higher levels this could represent a good opportunity to long the market towards the higher levels. If the price goes up towards the higher levels before the hitting the support levels this would represent a good opportunity to short the market back towards the lower support levels.

Please note, this is dependent on the price staying below the 1850-55 level, breaking this level will lead the price to stretch the bullish move to the higher resistance levels of 1870-85.

Key levels:

Support:

1800-04
1797-95
1785

Resistance:

1825-27
1833-35
1840-45
1850-55

Below is the weekly chart illustrating the triangle the price is playing within.