THE KOG REPORT - Update

End of day update from us here at KOG:

Gold completed the move into the region we wanted which gave us a lovely long trade. We suggested traders only take the shorts on a level to level basis as we couldn't see any confirmed set up for price to correct the move back down, as yet!

So, what now?

We have support here at the 2355 level and below that 2345 which could be an option for the the pullback, but if held we could see price rise further tomorrow or during the NFP move on Friday. Resistance above 2360-65 if held should give the move back down into support, however, as we've said, if that level holds we will likely see higher pricing before we get any confirmed set up. It's still in the range and the accumulation has resulted in the breakout in the direction we wanted, it just doesn't look ready yet to correct the move.

Keep an eye on the 2360-65 region, it could give an opportunity for bears but we need to break and hold below 2345 to go lower. Tomorrow is a US holiday and Friday is NFP, we can expect some pre-event ranging as long as both the levels mentioned hold price.

For now, longs were fantastic, just not ready to short it yet unless on the red boxes. NFP looming, so please don't treat this as your "normal" market condition.

As always, trade safe.

KOG

Trade fermée: cible de profit atteinte:

Price bounced nicely early session for the long but is exhausting a bit here. It's going to be a quiet day with the US Holiday so maybe an idea to take what they give.