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/ 04/ 16
I have paused my analysis for a while because the Gold movement is really unpredictable and I have no idea how to trade in that market.
But now I finnaly get an opportunity.
===================Analysis=================
Gold is super bullish these days and rise from 1730+ to 1780 area in just 2 days. We all see no matter how the employment rate, retail rate is good for USD, but Gold just doesn't react to those data and news at all.
There's some temporary emotional impact on the market which might not last too long.
1780 is a critical point, the top edge of the descending daily channel as you can see from the chart. Anything could happen here.
If Gold holds 1780 strong next week, we can expect another rise potential to 1800 +.
Otherwise, Gold still remains in the bearish market in long term.
1765 area becomes the new support and also a confirmation point if bearish assumption is validated.
=================Possible Situation==========
No.1 Gold holds up at 1780 + next week, 1800 would be the next tp
No.2 Gold turns direction from 1780 to the downside, which means it's still in the bearish market.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1785
The key support: 1765
buy plan: Buy stop at 1785 , or when it breaks 1785 and then retrace a little bit.
Sell plan: sell when next H2 bar in red and price below 1780. TP 1765 , SL 1785
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 04/ 16
I have paused my analysis for a while because the Gold movement is really unpredictable and I have no idea how to trade in that market.
But now I finnaly get an opportunity.
===================Analysis=================
Gold is super bullish these days and rise from 1730+ to 1780 area in just 2 days. We all see no matter how the employment rate, retail rate is good for USD, but Gold just doesn't react to those data and news at all.
There's some temporary emotional impact on the market which might not last too long.
1780 is a critical point, the top edge of the descending daily channel as you can see from the chart. Anything could happen here.
If Gold holds 1780 strong next week, we can expect another rise potential to 1800 +.
Otherwise, Gold still remains in the bearish market in long term.
1765 area becomes the new support and also a confirmation point if bearish assumption is validated.
=================Possible Situation==========
No.1 Gold holds up at 1780 + next week, 1800 would be the next tp
No.2 Gold turns direction from 1780 to the downside, which means it's still in the bearish market.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1785
The key support: 1765
buy plan: Buy stop at 1785 , or when it breaks 1785 and then retrace a little bit.
Sell plan: sell when next H2 bar in red and price below 1780. TP 1765 , SL 1785
Trade active:
short add at 1778
Comment:
it breaks the channel. I'm out of short now and wait for the next opportunity
Comment:
My initial analysis was right. but I still need to say wtf is gold doing.
Break either side of this triangle will trigger the next move