Instead of calling Gold analysis, I would use the term of trading journal to record my trades because I may not always have a plan to trade.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 03 / 01
===================Analysis=================
Gold broke the key support area 1760 hardly last week and test the lower low 1718 area. It confirms and down trend in short term and a reversal may happen but not that quickly.
I have seen a strong rebounce form 1718 to 1758 today, an insane $40 slow rise without any stop. And now it's finnlay reaching the previous support, which currently becomes the resistence zone to prevent going up.
Last friday, the movement was so impulsive and human's emotion is quite unstable and has an impact to the market. Thus, a correction happens on monday is under the expectation.
a key level of trend change is 1765, and above 1765 will confirm a bullish market and we can buy when Gold price re-touchs 1760.
For now, I would still assume Gold is in the bearish market even the rebounce seems strong.
=================Possible Situation==========
No.1. Gold breaks above 1765 and resume a strong bullish trend
No.2 Gold falls back to 1720 area again, and ranging between 1720 and 1760 for a while.
No.3 Gold breaks 1720 to the downside and test 1700 and resume a strong bullish market in mid-term.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1760 1765
The key support: 1715-1720
buy limit: 17215-1720 , SL $5, TP 1758
sell limit : 1755-1765, TP 1720, SL 1766
sell stop : 1715 , TP 1700.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 03 / 01
===================Analysis=================
Gold broke the key support area 1760 hardly last week and test the lower low 1718 area. It confirms and down trend in short term and a reversal may happen but not that quickly.
I have seen a strong rebounce form 1718 to 1758 today, an insane $40 slow rise without any stop. And now it's finnlay reaching the previous support, which currently becomes the resistence zone to prevent going up.
Last friday, the movement was so impulsive and human's emotion is quite unstable and has an impact to the market. Thus, a correction happens on monday is under the expectation.
a key level of trend change is 1765, and above 1765 will confirm a bullish market and we can buy when Gold price re-touchs 1760.
For now, I would still assume Gold is in the bearish market even the rebounce seems strong.
=================Possible Situation==========
No.1. Gold breaks above 1765 and resume a strong bullish trend
No.2 Gold falls back to 1720 area again, and ranging between 1720 and 1760 for a while.
No.3 Gold breaks 1720 to the downside and test 1700 and resume a strong bullish market in mid-term.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1760 1765
The key support: 1715-1720
buy limit: 17215-1720 , SL $5, TP 1758
sell limit : 1755-1765, TP 1720, SL 1766
sell stop : 1715 , TP 1700.
Trade closed: target reached:
SELL TP 1720 REACHED.
I exit my SHORT now with $30 pips profit.
I exit my SHORT now with $30 pips profit.
Trade active:
I'm entering buy at 1722 now as planned and SL 1715
Trade active:
my 1st buy TP is 1731. I will see if I can lock $10 profit quickly.
