We're taking it easy on Gold during the first half of this week as we don't' want traders to get caught in this up and down chop that we're seeing. Its also FOMC tomorrow so expect some more of this until the market makes its move during and after the release.

We have two scenarios on Gold .

Scenario 1:

If the price comes down to find support around the 1790 level we want to test the long trade towards the 1808-10 levels then potentially look to short it again for lower pricing

Scenario 2:

If the price goes up towards the 1808-10 levels we want to short the market for the lower levels, first 1790 and below that 1775.

If you're trading we would suggest you trade smaller lots than you usually would so the market doesn't make you uncomfortable if it goes against you. Always use a stop loss and have a risk management strategy in place before you place the trade. We've been sitting in this consolidation for a while now so its only a matter of time before this range is broken out of.

Its done the down, the up and now the down. We won't be buying if it goes to 1790 this time. If we miss a trade we miss it but its not worth taking the risk.

FOMC today. Please trade safely. We'll be back later today with our usual FOMC analyses and trade idea.

Gold! This is our plan for FOMC and what we're looking for. We would ideally like to see the price go up first towards the 1810-14 levels and find resistance. At this price point we would like to test the short trade for lower down towards 1790 and potentially lower.

IF however, Gold moves down first its likely it will find support around the 1790-85 level and then come back up. We're not interested in the long trade rather the short if we get it.

This analyses is only applicable for FOMC.

Its recommended that if you have less than 6 months trading experience you don't get involved in trading releases like this. If you do trade, its advisable to trade a smaller lot than you usually would and make sure you have a risk strategy in place.

As always, trade safe.

KOG

FOMC - Has probably already been priced in. The market will be waiting for the press conference at 19:30 and looking for clues.

This trade has hit it's published SL...we're still in it unless it breaks 1820 where we'll then analyse it again

Our plan for yesterday didn't quite work out as we were stopped out on the short we published for FOMC. We're looking again for a one more shot at the short, its very bullish and we've broken above the 1820 level but we can see some resistance above that may prove to be strong.

As we said, this is our last shot at the short trade as breaking and holding above this level will mean more bullish movement for Gold in the coming sessions. We're not looking for a big capture, possibly down towards the 1810-1805 levels.

We've had a good month at KOG in July so our risk is very small and the stop is tight.

Update on the Gold position we have open at the moment. We're looking for this to come down towards the 1823-2- levels where we'll take 70% of the position and move the stop to entry. We'll still with the stop loss where it is. If this breaks above that 1835 level then its likely we're going to see some more bullish movement in Gold targeting 1840 first, 1855 and then 1862.

Its the last trading day of the month so there is likely to be a lot of movement during and after the US session as traders will want to come out of positions for month end. Please trade safe and protect your trades. We're not entering anymore positions until next week on Gold or Silver.

70% taken stop to entry. Now it can do what it wants.

Nice end to the month. Wishing everyone a great weekend. KOG

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Week ahead KOG report has been published on TradingView. Please do give us a like and a follow.

Please add the levels to your charts if you need to.

1820-25 key resistance
1797-95 key support

We've published a brief update on TradingView.

We can see all the MAs tightly converging together not really giving the price a lot of movement. There are two price points that are important here, the 18080/9 level and the 1812/14 level. Breaking and closing above the 1812/14 level will likely lead the price to resume bullishly towards the 1820-25 price points while closing below the 1808 level is likely to push the price back down towards the key level support below at 1795. We haven't changed our view much from the KOG report published on Sunday where we suggested a similar scenario on Gold .

Its a tight range for Gold so tread carefully and ideally wait for either price point to break before getting in. The only clue we have here is the trend of which we are sitting right at the top. So we would need a strong bullish engulfing candle to break this to the upside.

Not much more to report unfortunately KOG troops. Its a waiting game for us.