EURUSD Update:

Trade is still active. Didn't hit the Stop and is now close to the TP. If you're still in it its been a bit of a rollercoaster but worth it. We would suggest cashing out if it doesn't hit the TP before the market closes

We're done for the week. Been a quiet week compared to others but still a successful one. All the levels are on the charts shared as well as the analysis with what we think the potential moves are for Gold. We'll be back on Sunday with the week ahead KOG report.

Wishing everyone a great weekend,

KOG

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KOG Week ahead outlook is available now on TradingView. We'll share the daily and 4H shortly.

We’ve completed and broken the neckline of the double bottom . We have now also broken previous support which turned to resistance and could now be a potential support level again.
This is something we will be keeping an eye on over the first trading sessions of the week on the smaller timeframes.

Now if this is wave 5 we should expect this to support around the 1760-50 level and then resume its journey into our KOG zone higher up. Again, we’ll only have a better idea once the market has opened and settled.

Support:

1761
1755
1748

Resistance:

1785
1792
1802
1810

We're going to stick with this 4H chart for now. We want to wait for the market open and look at the smaller timeframes before we change anything.

Our plan still stands, we're looking for strong support and we want to take a long to target our KOG level or close to. This won't be a big position and we don't want to hold this for long. Our view is still to find a good opportunity to short it, we're just waiting for a good entry.

In summary we have two immediate Excalibur targets, 1720 (which we just missed last week) and an immediate level of 1797 first and then 1810.

All the levels are on the charts, supports, resistance, trends etc. Please add them to your charts and use them, you can see they work very well.

We'll be back tomorrow. Wishing everyone another successful trading week ahead.

KOG

We've applied Excalibur to 31 different pairs including BTCUSD. Its seems to be working very well, the results from last weeks trades were exceptional. Having said that, 31 is too many pairs to trade and analyse. We'll be publishing a poll soon batching the pairs in groups of 5. We think 10-15 is a reasonable number to trade and give everyone a diverse enough portfolio. Please take the time to answer the poll as its for everyones benefit.

We're still ranging like we did yesterday. 1770-75 is holding as support as is the ascending trendline on the 4H and 1H timeframes. However, as we've said in our earlier analysis, we would not rule out a deeper pullback before this goes higher.

It looks like FOMC will be the catalyst, unless we get movement over the US session later.

In scenarios like this its best to observe the markets and plan the trades you want to take after the event. Trying to trade leading up to a big event is risky. Unless you're scalping with tight stop losses.

We're running behind schedule today. We're going to be back in an hour or so with our thoughts for FOMC

Please don't just enter into positions without thought and a plan.

Gold seems to be following our initial analysis on Sunday where we were expecting it to pullback into lower levels before resuming its journey to higher pricing. We still have 3 KOG targets, 1797-99 and 1810-13 above, as well as 1720 below. We’re waiting for a good opportunity to short this to the lower levels, however, we can see this potentially going up first. We want to be in that long trade as long as we get good support below.

So, we’re looking for support at the following levels:

1758-61
1749-52
Below that 1737-35 (this would complete what is a potential H&S on the 1H and 4H timeframes)

Our resistance levels:

1770
1775
1785
1795-98 (KOG TARGET)
1801-5
1810-13 (KOG TARGET)

Our plan is to let this play out for the rest of the day, as usual we’ll analyse the markets and different pairs 30-45mins before the release of the minutes to look for clues as to which direction we think its going to go first. Unless this goes straight up, we want to find a good level to test the long trade for the KOG targets above. Around 1790-1810 we will be looking to exit these positions. Our view will then turn towards the bearish side. We’ll update you as we go along.

FOMC is later today so it is advisable not to trade until after the event unless you’re an experienced trader. The market will be looking for clues during the press conference so we may experience a couple of hours of volatility. We may even see volatility during the US session which will be opening soon. Please trade safely, use a stop loss, trade small lots and be sensible. Remember, cash is also a position in the markets, you don’t have to trade every day, the money in your trading account isn’t going to disappear if you don’t trade it.