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: 2020/10/09
No plan, No trading
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Entry reason:
Yesterday Gold quickly dropped from 1900 to 1882 area, but later then made an insane rebounce from 1882 to 1911 now. Luckily I already closed some short profit yesterday at 1885 so still protected my account during the rebounce.
It doesn't change my opinion that Gold is still under bearish trend UNLESS Gold break above 1915, the daily timeframe trendline.
The current rebounce is the 0.786 fib of the previous drop as shown in the chart. And it also fits the a-b-c correction wave pattern as an wave-(2)
Plus, the gold is approaching the daily descending trendline (The Red one) and the previous ascending trendline channel (The blue line).
I can't see any other better opportunity than this, to short gold again, with a very nice risk & reward ratio.
So here's my plan:
Short:
Sell 1910 - 1912. SL 1915 1850 will till be my 2nd target, and now 1873 will become the 1st target. 1820 is the 3rd one.
Long: Buy stop at 1915, buy limit when price break the TL, and retest.