THE KOG REPORT - Update

11 thg 6

End of day update from us here at KOG:

A relatively quiet day today with Gold giving us a nice long trade on the red box set up once volume entered the markets. Yesterday we said we would stick with the plan and look up into the bias zone trading the longs level to level until we hopefully reach our destination. This move is now on caution as we've completed our targets so far and have CPI and FOMC around the corner, so we're going to play it safe.

So, what now?

We have support here 2310 and below that the extension level 2303, we feel as long as price is above these levels we could see a further move completed into the order region which is where we suggested we will be waiting to short. Resistance is at the 2315 level and if broken above 2330 so early sellers may feel the stretch if they take it up. For now, we're not looking for anything apart from sticking to the plan, unless we see a clean reversal or set up presented.

We would suggest traders who are less experienced in the markets refrain from trading until after FOMC where the markets will be cleaner. It's setting up for a big move tomorrow and the whipsaw is going to be sure to catch traders out, the trade come after the event, please keep that in mind.

As always, trade safe.

KOG