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 / 12
===================Analysis=================
Gold broke the descending trendline and starts a nice rebounce up to 1740 area.
That bullish rebounce barely has no stop and straight forward to the point yesterday. I was expecting to it went down to 1700 area again and then up, but it didn't act that way.
That's why we saw a big red leg today, gold drops from 1740 to 1700 area to finish a strong correction.
btw 1700 is the 61.8% fib of the previous rise
The previous descending trendline broke already confirms a temporary bottom for Gold (1678).
So even today Gold drops hardly, it doesn't mean it comletely turns into bearish trend. It depends on the periods we are looking at.
below H1: Bearish
H4 bearish
D1: Netural
H1 will trun into bullish if Gold finds support at 1700 very easily.
Thus, my view of the major movement will be: consolidation.
=================Possible Situation==========
No.1 Gold rebounce from 1700, and ranging between 1700 - 1715. if bulls were strong, Gold will retests 1740
No.2 Gold continues dropping to 1690 and then rebounce to 1715, if bulls were strong, Gold will retests 1740
No.3 Gold continues dropping to a lower low , 1677 won't hold as a support.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1715 1740
The key support: 1690 1700
Buy plan: I will buy from 1690 - 1700, TP 1715, 1740
Short limit: Sell around 1720, TP 1700. SL $5
Short limit: sell around 1740, SL $5. TP TBD
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 03 / 12
===================Analysis=================
Gold broke the descending trendline and starts a nice rebounce up to 1740 area.
That bullish rebounce barely has no stop and straight forward to the point yesterday. I was expecting to it went down to 1700 area again and then up, but it didn't act that way.
That's why we saw a big red leg today, gold drops from 1740 to 1700 area to finish a strong correction.
btw 1700 is the 61.8% fib of the previous rise
The previous descending trendline broke already confirms a temporary bottom for Gold (1678).
So even today Gold drops hardly, it doesn't mean it comletely turns into bearish trend. It depends on the periods we are looking at.
below H1: Bearish
H4 bearish
D1: Netural
H1 will trun into bullish if Gold finds support at 1700 very easily.
Thus, my view of the major movement will be: consolidation.
=================Possible Situation==========
No.1 Gold rebounce from 1700, and ranging between 1700 - 1715. if bulls were strong, Gold will retests 1740
No.2 Gold continues dropping to 1690 and then rebounce to 1715, if bulls were strong, Gold will retests 1740
No.3 Gold continues dropping to a lower low , 1677 won't hold as a support.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1715 1740
The key support: 1690 1700
Buy plan: I will buy from 1690 - 1700, TP 1715, 1740
Short limit: Sell around 1720, TP 1700. SL $5
Short limit: sell around 1740, SL $5. TP TBD
Trade active:
1st long at 1700 now
Trade closed: target reached:
TP 1715 reached. all closed.
Have a good weekend guys
Have a good weekend guys
