Instead of calling Gold analysis, I would use the term of trading plan or trading journal to record my trades. So please note: This is a personal journal only, but NOT a trading suggestion. Please control your own risk if you want to follow, we may have different risk preference and position management strategy.
Date: 2020/11/23
No plan, No trading
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Entry reason:
Gold has broken the previous downtrend on last Friday to a spike at 1879 area. Right now it makes a reasonable correction wave from 1879 to 1864 , which is 50% to 61.8% (1862) of the previous rise.
It seems the bearish power stoped at 1864 right now so I'm planning to enter long again and aim at 1880 one more time or 1890 maximum for this rise movemement.
So here's my plan:
Buy from 1862-1866 , SL 1857, TP 1880, 1890
Short: Sell from 1898 - 1907 , , TP 1850 area , SL 1910 sell stop 1858, tp 1850