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 / 22
===================Analysis=================
Today Gold drops from 1745 down to 1732, and then start a fast bounce back to 1740 area.
Now it backs to 1732 again. We can see it's a high violating market today with sideway move.
Although Gold doesn't drops too far yet, we still need to be aware that the ascending trendline is now tested again and it's possibilly to be broken.
Next 3-4 hours is crucial to determin the direction and it's easy to recognize.
Red for bearish.
Green for bullish.
If Gold stays in 1730 area for next few hours, bearish is accumulating its power to test a lower price.
1720 would be the key support level and if broken, 1700 is highly expected.
=================Possible Situation==========
No.1 Gold rebounce from 1730 and will test previous high 1750 again.
No.2 Gold breaks down 1729 one more time, and 1720 would be an easy target and 1700 would be reachable.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1745
The key support: 1727-1730, 1720
buy plan: no buy plan until I see a green bar in H2.
Sell plan: sell stop at 1727.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 03 / 22
===================Analysis=================
Today Gold drops from 1745 down to 1732, and then start a fast bounce back to 1740 area.
Now it backs to 1732 again. We can see it's a high violating market today with sideway move.
Although Gold doesn't drops too far yet, we still need to be aware that the ascending trendline is now tested again and it's possibilly to be broken.
Next 3-4 hours is crucial to determin the direction and it's easy to recognize.
Red for bearish.
Green for bullish.
If Gold stays in 1730 area for next few hours, bearish is accumulating its power to test a lower price.
1720 would be the key support level and if broken, 1700 is highly expected.
=================Possible Situation==========
No.1 Gold rebounce from 1730 and will test previous high 1750 again.
No.2 Gold breaks down 1729 one more time, and 1720 would be an easy target and 1700 would be reachable.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1745
The key support: 1727-1730, 1720
buy plan: no buy plan until I see a green bar in H2.
Sell plan: sell stop at 1727.
It's still ranging, as shown in the below chart.
It's a triangle consolidation