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: 2021/ 01 /15
No plan, No trading
Gold broke the wave-4 trendline and test 1830 lowest this morning, and then start a quick rebounce to the current price 1847 now.
I still hold my opinion that Gold is in the wave-4 correction wave and the trendline was already broken. This bounce back seems a re-test to the previous trendline, which gives me another chance to short again.
I can't be sure a lower low would happen but at least previous low 1820 area would be a reachable target for my short position.
===============Previous analysis ================== Gold falls hardly from 1958 to 1817, a $141 drop in just 2 days, which make the main trend back to the descending channel .
I'm thinking this fall may not ends at 1817 in a 5-wave possible pattern and another lower low is expecting to happen.
The wave-3 started at 1928 and completed at 1817 with a following a correction time in the range 1830 - 1860.
This correction may take sometime and as long as the gold price not back to 1880+, this assumption will be valid.
The correction support is now at 1838 and it's moving up with time because of its slope. If it breaks the trendline, it will confirm a test at previous low 1817.
And if 1817 not holds, it will be a quick impulsive drop to 1800+ area to finish the wave-5.