THE KOG REPORT XAU/USD SpotFX:XAUUSDKnightsofGoldTHE KOG REPORT: In last week’s KOG Report we said we would want price to come down into the lower defence region of 4785-95 which is where we wanted the long trade to come from. On open, we managed to breach the 1H RB and activate the bias level which brought us to the level we wanted for the short but as you can see, we broke below the defence region. We had marked the lower level for another attempt which we did get successfully, resulting in the long and then more ranging price action which gave us some extremely good scalping opportunities. During the week we gave our updates on the path and the RB targets which worked well but we didn’t get that higher level we wanted. A successful week in Camelot however with our indicators and algo playing their part, not only on gold but the numerous pairs we trade and analyse. So, what can we expect in the week ahead? Again, due to news over the weekend we may open with gaps across the markets for that reason we’ll say we’ll stick with the plan but traders need to be aware of the extreme movement we may see from the open. We have a resistance level above at the 4735 level with support below at 4704 and below that 4675-90. We would need 4735 to hold price down on the open to then target the breach of 4710 making it easier for price to attempt the lower levels before attempting the long trade from the lower defence regions sitting at the 4610-20 region at extreme. We need to hold above that level to go higher, failure to do so can result in a lower move into the 4550s. On the flip, higher defence here sits at the 4754 level, we’ll use that level as the bias for this week and say we will need a strong break above to then go higher. We would expect a choppy open and first day of the week, while price should settle closer to the FOMC statement which is expected on Wednesday. We’ll update traders with the FOMC KOG Report prior to the statement. RED BOX TARGETS: BREAK ABOVE 4710 for 4729, 4735, 4741, 4750 and 4756 in extension of the move BREAK BELOW 4689 for 4680, 4675, 4665 and 4658 in extension of the move 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