THE KOG REPORT - Update

1 thg 8End of day update from us here at KOG:

For yesterday's FOMC move we wanted price to target the lower support levels in order to capture the long trade up into the target level circled on the chart. During the day we released the levels and unfortunately, the immediate level which was also a red box marking gave the bounce for the move up, which we missed. We're now sitting on our hands in anticipation for tomorrow where it's likely they will again make an aggressive move on the markets.

We have the resistance level above 2450-55 and we have the order region below 2430-35 which is marked on the chart. This is an important level, if targeted and rejected we'll be looking at price attempts into 2470-75 at least. Above, that level is a target region, and again, will need to break to attempt 2500, otherwise we could be looking at a move upside, a RIP and then a lower close for NFP tomorrow.

We've circled the areas of interest, and the key level support which we feel needs to be visited but would suggest caution.

We've done well on Gold and today we've missed our trade, so we'll sit it out now and wait for a decent set up.

As always, trade safe.

KOG