please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1786
===================Analysis=================
Last week Gold broke the ascending trendline and finish a nice impulsive move to 1772 lowest. Currently it rebounces to 1786 area to initiate the correction.
With the fact of strong bearish movement, I think price have higher chance to go lower rather than spike up. It would at least test 1772 one more time before the future direction is made.
If I assume this impulsive wave is wave-3, then another lower low would be expected, and this correction should not exceed 1790.
So even 1795 is the 61.8% of Fib line, I wouldn't see the price bounce that further. Instead, I will rather enter short at 1786 - 1790 area with a reversal confirmation and see how market is going on.
Key levels for the day:
1795-- pivot 1787 -- key resistence 1772 -- key support
So here are a few situations:
=================Possible Situation==========
No.1 Gold ranges between 1790-1772 No.2 Gold breaks below 1772 and quickly finish the wave-5 at 1760 No.3 Gold rise above 1795 and resume bullish.
P.S: I'm NOT trying to predict the market, but just to find out the most cost-efficient plan to trade.
I see gold is just fucking around 1795 🤣🤣 it’s going down again in the next few hours just killing the sellers
netleader
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win
hamyarhf
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Do not pay attention to the words, I stayed on your analysis even in the worst conditions, and I always benefited. The gold market has always been the same.
hamyarhf
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We look forward to your analysis Your work is very good, I think it is getting much better day by day
hamyarhf
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Hi Why didn't we have an analysis today? You do great analysis
@hamyarhf, actually some loss make me quite sad these days. Even I made a fine analysis, I still lose money during the trade. So I decide to pause a few days. I really appreciate your guys comments and concern. I will be back soon. Thanks! :P
@abdulazizalsuwaidi, yeah I know. but still better than big loss. We will have 12 chances every year, and we just need to catch 1 of 12 would be enough