please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1866.5
===================Analysis=================
Gold is definitely making the new direction in next few days. Last few days Gold shows a strong bullish momentuml, and now ranges in a very small consolidating area.
It's still a question which direction Gold will go but the range is super clear now: 1860 - 1870
Above 1870, 1890 is an easy target based on my calculation, but I won't be so optimistic about 1900+. Below 1860, 1845-1848 is the key support to re-test with high probability. if broken, 1835 will be the next fast hit.
Gold won't ranges too long.
So here are a few situations:
=================Possible Situation==========
No.1 Gold ranges abvoe 1870 No.2 Gold drops to lower demand zone
P.S: I'm NOT trying to predict the market, but just to find out the most cost-efficient plan to trade.
=================My Trading Plan===============
Because the ranging area is too small to do buy limit or sell limit, I would prefer buy or sell stop orders in today's plan.
it really is a shitty movement, these are trying times to trade since gold price is driven only by fundamental (economic data release and feds, while ignoring USD index and US 10y bond)
kwanexpert
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if use linear regression now the price is at the top of channel if price will go up gold may move sideway first