please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1740
===================Analysis=================
Gold has broken the 1740 key support and the bearish trend is confirmed. If you look at my 0927 analysis, you will find the price is following secenario A.
I was waiting 1760 to short again but the strength is quite weak. I also didn't expect gold breaks the support during Asia market and find it's quite strange here.
Gold price stops at 1737 and makes some correction here, which seems not a real break. There's possibility that gold is still in a range of 1737-1760.
I would not recommend chase short, neither long at current price. It's to risky.
=================Possible Situation==========
No.1 Gold bounces back from 1737, to 1750 or 1760 and then start falling again. No.2 Gold makes a small rebounce at 1745, and then start falling. No.3 Gold rise back to 1760 and break the trendline and start bullish market.
WHY different plan is important? We are not trying to predict the market, but are trying to trade no matter where the market goes.
I'm updating my idea here. Gold is just testing 1731, so it's defintely not wave-4 any more. It's already out of consolidation range.
It's already the last wave-5 of this cycle. The point, where the target is.
Based on my calculation 1723 - 1734 area is the the target range. Thus, I will wait for a reversal signal to buy in later market
Comment
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Comment
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When price gose above 1740, means bearish trend is paused in short term. 1740 would become the buy opportunity if price falls back to this level again.
glad to meet you again